U.S. President Donald Trump canceled increased tariffs on more than 200 goods, including essential food products. This occurred against the backdrop of rising food prices in the country.
U.S. President Donald Trump canceled increased tariffs on more than 200 food products, including coffee, beef, bananas, and orange juice. The corresponding order from Trump was published on the White House website on Friday, November 14.
Americans' Fear of Inflation
As specified by Reuters, this measure was taken amid growing concerns among U.S. residents about rising food prices and took effect retroactively at midnight on Thursday, November 13. The cancellation of the increased tariffs marks a sharp turn in Trump's policy, who had long insisted that the high import tariffs he imposed earlier in the year would not contribute to inflation, the authors note.
Responding to a question from reporters posed to him on November 14 aboard Air Force One, Donald Trump acknowledged that tariffs "can in some cases" lead to price increases. However, in reality, there is "practically no inflation" in the U.S., he stated.
The head of the White House added that he still intends to distribute $2,000 to each American with low or middle income over the next year from the funds generated by the increased tariffs.
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