President Donald Trump on Friday announced a move to lift tariffs on certain goods produced internationally through an executive order.
The rollback on tariffs will apply to a number of goods, including coffee, bananas and beef, among others.
“The millions of dollars the Federal government collected in additional tariffs on these products resulted in higher prices for businesses and families,” said U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley. “The President’s actions will help reduce costs for Americans.”
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In May, the chamber sent the Trump administration a letter proposing tariff relief.
The new modification went into effect on Thursday.
The White House recently announced that several trade deals with South and Central American nations that could lead to reduced tariffs on certain goods. The countries involved in the agreements are Ecuador, Guatemala, El Salvador and Argentina.
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Reciprocal rates will remain in place, but certain items would have lower tariffs, such as things that cannot be produced in the U.S., including coffee, bananas and cocoa under the deals, according to senior administration officials.
However, most imports will not qualify under the deals and for those goods, Argentina, Guatemala and El Salvador will be subject to a 10% tariff, while Ecuador will have a 15% tariff, FOX Business previously reported.
The Trump administration said that El Salvador vowed to address non-tariff barriers, “including by streamlining regulatory requirements and approvals for U.S. exports.”
In addition, Argentina has agreed to give “preferential market access” to U.S. goods, such as medication, chemicals, technology and more. Additionally, Guatemala has committed to refrain from “imposing digital services taxes or other measures that discriminate against U.S. digital services or U.S. products distributed digitally.”
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