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President Donald Trump eliminated tariffs on certain Brazilian exports in a move aimed at tackling soaring grocery prices, amid progress on trade negotiations with the South American nation.
In a new executive order issued on Thursday, Trump modified the sweeping 40% tariffs imposed on Brazil earlier this year under Executive Order 14323.
Trump pointed to his call with Brazilian President Luiz Inácio Lula da Silva last month, and “initial progress in negotiations with the Government of Brazil” for his decision, according to which “certain agricultural imports” will no longer be subject to the tariffs.
As a result, key Brazilian imports such as beef and coffee are once again set to enter the United States tariff-free, offering much-needed relief for consumers.
Trump had imposed sweeping 50% tariffs on Brazil in July this year, accusing the nation’s government of conducting a “witch hunt” against former President Jair Bolsonaro, alongside “insidious attacks on Free Elections” and censorship of social media platforms.
According to Trump, negotiations are currently “ongoing” with the Brazilian government on all of these issues that were “identified in Executive Order 14323.”
The Trump administration has come under increasing pressure owing to the soaring prices of coffee, beef and other essential commodities.
Coffee prices recently touched a 50-year high with reduced crop harvests across major growing regions, with Trump’s tariff policies making matters worse. Retail coffee prices in August surged 21% compared to the same period last year, the largest annual jump since 1997.
Similarly, beef prices have hit new highs this year, following a prolonged drought in the western U.S. Trump had promised to address this issue last month.
Last month, Senate Republicans joined their Democratic colleagues to pass legislation to overturn Trump’s tariffs on Brazil, referring to it as “bogus emergency declarations” to arrest the soaring prices.
Stocks with exposure to Brazilian imports, particularly on coffee and cattle imports, traded mixed after hours, following the executive order late Thursday night.
| Stocks | After-Hours | Year-To-Date |
| Starbucks Corp. (NASDAQ:SBUX) | +0.25% | -10.36% |
| Keurig Dr Pepper Inc. (NASDAQ: | -0.18% | -14.33% |
| JM Smucker Co. (NYSE: SJM) | +0.89% | -6.84% |
| Pilgrims Pride Corp. (NASDAQ:PPC) | -1.04% | -20.37% |
Photo: IAB Studio from Shutterstock
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