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Bessent says "substantial" relief imminent on coffee, fruit prices

Treasury Secretary Scott Bessent on Wednesday touted "substantial" actions in the coming days that he said would lower the prices of coffee and some fruits, among other grocery items.Why it matters: The Trump administration is fighting a growing affordability crisis, insisting prices will come down even as most consumers have seen their grocery bills rise. Just as former President Biden couldn't convince people inflation was under control when egg prices were soaring, it's been hard for the Trump administration to make the case its economic policies are working when people are paying 20% more for a cup of coffee. What they're saying: "You're going to see substantial announcements over the next couple of days in terms of things we don't grow here in the United States," Bessent said in a Fox News interview. "Coffee being one of them, bananas, other fruits. Things like that. So that will bring the prices down very quickly."The intrigue: Bessent did not elaborate on what method the administration would use to lower those prices. Earlier this year, Commerce Secretary Howard Lutnick suggested tariffs could be structured to spare foods not grown in the U.S., but that didn't end up happening. Zoom in: President Trump's tariffs have hit coffee prices in particular.The U.S. imposed heavy duties this year on the major sources of coffee imports, Brazil and Colombia. The latest Consumer Price Index showed the price of coffee rising faster, year over year, than any other good or service the government tracks. By the numbers: Coffee futures, which were not far off all-time highs, plunged about 4% after Bessent's comments. What to watch: How quickly any relief on a macro level translates to prices at retail. Editor's note: This story was updated with additional details and context.

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