White House hunts for ways to lower the cost of living

A proposal to give Americans direct payments of $2,000 or more. An antitrust probe into allegations that meatpacking companies are colluding to drive up beef prices. And a new plan to lower tariffs on coffee, fruit and other popular products.

- Alex Leary, Tarini Parti & Justin Lahart

President Trump and his advisers are rushing to try to lower prices for U.S. consumers after voters sent a warning shot to Republicans this month over the high cost of living.

Following the recent election, Trump’s aides have urged the president to focus on affordability, and they are drawing up plans to attempt to address voters’ frustrations, according to administration officials. The president's team is discussing more deals with pharmaceutical companies to make prescription drugs cheaper, approvals for new offshore-drilling projects and new healthcare proposals, the officials said. The president has also ordered up new ideas to address the cost of housing.

It won’t be easy to lower prices in a way that satisfies voters, who have signaled in polls that they want far-reaching changes that will make everyday life more affordable. Most prices are dictated by market forces that are beyond the president's control. Interest rates are set by the independent Federal Reserve, which has so far resisted Trump's pressure campaign. The president would need congressional approval to issue direct payments to Americans.

Reducing tariffs is one of Trump’s most potent tools for lowering prices. On Friday, the administration said it would lower tariffs on beef, coffee, nuts, spices and dozens of other agricultural and food goods, marking a significant shift in Trump's forceful approach to trade policy.

Prices for some food items have increased as a result of tariffs. The average price of a pound of ground roast coffee, for example, was $9.14 in September, according to the Labor Department, compared with $6.47 a year earlier. Much of that increase was because of a 50% tariff on certain imports from Brazil, one of the world’s largest coffee producers.