Trump yields to inflation; reduces tariffs on some Latin American countries

Pars Today — Rising prices of certain essential goods in the United States have forced the government to refrain from imposing additional tariffs on imports of some goods from Latin America.

The American publication Politico reported that a knowledgeable source in the White House announced the signing of new trade agreements with four South and Central American countries, which could lead to a reduction in import tariffs on certain goods such as coffee, bananas, and beef.

According to Pars Today, Politico added that, based on statements from this senior Trump administration official, the agreements with these four countries are expected to be finalized within the next two weeks, with the possibility of reaching additional agreements by the end of the year.

According to Politico, the Trump administration is set to sign new trade agreements with Argentina, Guatemala, El Salvador, and Ecuador, under which import tariffs on certain goods, including Argentine beef, coffee, and bananas, will be reduced.

Under the agreement with Argentina, beef will be exempt from the 10% tariff, but the export quota for beef will remain unchanged.

Overall tariffs on goods have not changed, and other products from Argentina, Guatemala, and El Salvador will still be subject to a 10% tariff, while products from Ecuador will face a 15% tariff.

Trump’s economic advisors have stated that the tariff reductions are part of the administration’s effort to lower prices, and prices of goods such as coffee and bananas may decrease.