ISTANBUL

US Treasury Secretary Scott Bessent said Wednesday that the Trump administration will announce "substantial" tariff reliefs in the coming days to cut the prices of coffee, bananas, and other items.

Bessent told Fox News that while "it's tough to do a lot of specific things," the government will make "substantial" announcements regarding "things that we don't grow here in the United States."

He noted that coffee, bananas, and other fruit will be among the commodities to get reductions, but he did not provide specifics. "That will bring prices down very quickly."

US President Donald Trump promised tariff relief on coffee on Tuesday.

"Coffee, we're going to lower some tariffs," Trump told Fox News. "We're going to have some coffee come in."

"We're going to take care of this stuff very quickly, very easily," he noted.

Bessent added that he expects "the American people are going to start feeling better" about inflation in the first or second quarter of 2026.

In September, US annual inflation rose to 3%, increasing every month since April, when Trump announced his "reciprocal" tariffs.

US Department of Agriculture (USDA) data shows Brazil as the top supplier of coffee to the US, while Guatemala, Ecuador, Honduras, and Costa Rica export the most bananas to the US.

Due in part to the legal action against former Brazilian President Jair Bolsonaro, Trump increased tariffs on Brazil to 50% in July. Additionally, Trump expressed dissatisfaction with the way Brazilian courts handle American tech firms.

Coffee prices have skyrocketed due to a drought in Brazil and additional tariffs. Coffee futures traded in New York have increased by more than 20% this year. That increase is about 45% in the past 12 months, according to CNBC.

On Oct. 26, while speaking with President Luiz Inácio Lula da Silva of Brazil, who had requested that Trump reduce tariffs on his nation, Trump stated, "I think we'll make a deal with Brazil."

"I think we'll probably come to a conclusion pretty quickly" on lower tariffs, he added.