Coffee prices decline globally after Trump cancels tariffs
International coffee prices fell on Friday; After US President Donald Trump canceled 40% tariffs on imports of Brazilian agricultural products; Including coffee and cocoa in the face of growing concern among American consumers about rising food costs.
A Reuters/Ipsos poll showed that retail coffee prices in the United States rose 40% year-on-year in September, partly due to tariffs, and rising food prices are a major factor behind Trump’s popularity falling to its lowest levels since his return to the White House.
Trump’s cancellation of the tariffs he imposed on Brazil comes in the wake of a similar order announced. It was announced last Friday by canceling customs duties on coffee and dozens of other agricultural products from producing countries.
Brazil, one of the largest coffee growers in the world, supplies the United States, the largest coffee consumer in the world, with about a third of the coffee it orders.
At 10:17 GMT, Arabica coffee futures on the Intercontinental Exchange fell by 4.6% to $3.5925 per pound, After earlier falling by more than 6% to its lowest levels in two months.
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