Trump cuts tariffs on beef, coffee and other foods as inflation worries mount

US President Donald Trump on Nov 14 rolled back tariffs on dozens of food products, including staples such as beef, tomatoes and bananas, in the face of growing angst among American consumers about the high cost of groceries.

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The new exemptions — which take effect retroactively at midnight on Nov 13 - mark a sharp reversal for Mr Trump, who has long insisted that the sweeping import duties he imposed earlier in 2025 are not fuelling inflation.

He has upended the global trading system by imposing a 10 per cent base tariff on imports from every country, plus additional specific duties that vary from country to country.

“They may in some cases” raise prices, he said aboard Air Force One on Nov 14 when pressed on his tariffs helping to increase consumer prices. But he insisted that overall, the US has “virtually no inflation”.

Democrats have won a string of victories in state and local elections in Virginia, New Jersey and New York City, where affordability was a key topic.

Consumers have remained frustrated over high grocery prices, which economists say have been fuelled in part by the tariffs and could rise further in 2026 as companies start passing on the full brunt of the duties.