Trump Announces Tax Cuts on Various Products

Current U.S. President Donald Trump has delivered good news for Americans. Last week, the ruling Republican Party performed poorly in local elections. Many had been blaming Donald Trump’s heavy tariff policies for the setback.

In response, Trump has now taken the initiative to reduce tariffs on a priority basis to lower consumer expenses.

It is reported that the decision will take effect from the night of 13 November. The White House has announced that the Trump administration has lifted tariffs on at least several dozen food items.

These products include food items such as coffee, bananas, avocados, tomatoes, and beef, as these are not produced in adequate quantities in the United States. Previously, Trump faced multiple accusations of driving up commodity prices, but he repeatedly dismissed these claims as a “con job.”

A recent report from the Department of Labor states that food prices in the country have increased by about 2.7 percent over the past year. Experts say that increased tariffs are often passed on to consumers by businesses, leading to higher market prices. Additionally, as part of a new trade arrangement with four Latin American countries, import taxes on coffee and bananas are being reduced.

As coffee prices have risen nearly 20 percent this year, the new decision is expected to ease some of the concerns among consumers.