Business
Trump cuts tariffs on goods like coffee, bananas and beef in bid to slash consumer prices
U.S. President Donald Trump gestures during an announcement from the State Dining Room at the White House in Washington, D.C., U.S., Oct. 23, 2025.
Jonathan Ernst | Reuters
President Donald Trump on Friday exempted key agricultural imports like coffee, cocoa, bananas and certain beef products from his higher tariff rates.
The move comes as Trump faces political blowback for high prices at U.S. grocery stores. Some distributors of beef, coffee, chocolate and other common food items have raised prices as Trump’s tariffs took hold this year, adding to pressure on household budgets created by decades-high inflation in recent years.
Trump’s action Friday also exempts a range of fruits including tomatoes, avocados, coconuts, oranges and pineapples. Along with coffee, the tariff reductions extend to black and green tea, and spices like cinnamon and nutmeg.
The move marks a reversal for Trump, who has insisted tariffs are necessary to protect U.S. businesses and workers. He has contended U.S. consumers will not ultimately pay for the higher duties.
The exemptions come just a day after Trump reached trade framework agreements with four Latin American countries – including 10% tariffs on most goods from Argentina, Guatemala, and El Salvador, and 15% from Ecuador. It also removes duties specifically on products not grown or produced in the U.S. in sufficient quantities, like bananas and coffee.
Rising food prices have hampered U.S. households for several years. Consumer Price Index data show food-at-home prices increased approximately 2.7% year-over-year in September. (More recent data was delayed because of the government shutdown).
The tariff exemptions aim to help moderate these grocery price increases, although experts caution that other factors such as global supply shortages also influence prices, especially for coffee and beef.
Here’s more background on how industries like beef, coffee and cocoa have reacted to tariffs and rising prices.
Beef
A customer shops for meat at a Costco store on Nov. 11, 2025 in Novato, California.
Justin Sullivan | Getty Images
The tariff exemption for beef comes after months of rising prices tied in part to Trump’s own tariff policy.
Over the past year, the U.S. imposed steep duties on major suppliers including Brazil, Australia, New Zealand and Uruguay. Brazil – the world’s second-largest beef producer – has faced effective tariff rates topping 75%, driving down imports into the U.S. just as the cattle herd in the country hit a near 75-year low.
Ranchers have struggled to rebuild herds amid drought, higher feed costs and tariffs on fertilizer, steel and aluminum that have made equipment and repairs more expensive.
The supply squeeze has fueled a spike in prices at the grocery store: uncooked beef products rose 12% to 18% year over year in September, according to the most recent consumer price index report from the Bureau of Labor Statistics.
Producers told CNBC earlier this month that policy whiplash, from changing tariff rates to the recent expansion of Argentina’s beef quota, has further chilled long-term investment, keeping supplies tight and sentiment fragile.
Coffee
Coffee beans are displayed at a grocery store on Nov. 13, 2025 in San Anselmo, California.
Justin Sullivan | Getty Images
Ground roast coffee prices in the U.S. reached $8.41 per pound in July, a record high and a 33% increase from the prior year, according to Bureau of Labor Statistics data.
Trump’s 50% tariff on Brazilian coffee – which supplies roughly a third of U.S. imports – drove up costs across the roasting and retail supply chains. Vietnam, Colombia and other major exporters have also been swept up in the administration’s food tariffs.
Roasters and cafés say they have no way around the duties because the U.S. produces none of the beans it consumes, leaving importers exposed to higher costs regardless of origin. The September CPI report found that coffee prices climbed nearly 21% in August from the prior year. That was the largest jump since the 1990s.
Retailers have warned the impact could have spread if tariffs stayed in place. The Tax Foundation estimated in August that 74% of U.S. food imports faced tariffs, already hitting tea, spices and other products that, like coffee, have no domestic supply chain.
Many of those products that have little or no U.S. production were on the list of items Trump exempted from higher tariffs Friday.
Global coffee prices are hovering near a 50-year high reached in February.
Cocoa
Cocoa has faced similar price pressures.
Even after a sharp selloff this fall, futures are still more than double pre-pandemic levels, costing roughly $5,300 today, following tariffs and three years of weather-driven crop failures in the Ivory Coast and Ghana.
In October, Hershey executives said they expected $160 million to $170 million in tariff expenses this year, on top of record-high bean costs that pushed retail chocolate prices nearly 30% higher from the prior year heading into Halloween, according to research firm Circana.
Business
FDA chief Marty Makary says ‘everything should be over the counter’ unless drug is unsafe or addictive
Food and Drug Administration Commissioner Marty Makary told CNBC that he believes “everything should be over the counter” unless a drug is unsafe, addictive or requires monitoring – doubling down on a push that some in the pharmaceutical industry have questioned.
In an interview Wednesday in Washington, D.C., Makary said the FDA aims to make changes this year that allow more companies to offer their prescription medicines over the counter, or OTC. He noted that the agency is going through “the proper regulatory processes” to update OTC monographs – the rulebooks that determine which drugs can be sold without a prescription.
Makary said the FDA is looking at “basic, safe” prescription drugs like nausea medications and vaginal estrogen, which is used to treat menopausal symptoms like dryness and pain.
“In my opinion, everything should be over the counter and not requiring a prescription, unless it’s unsafe, unless you need laboratory tests to monitor how it’s being received by your body, or if it could be used for some nefarious purpose or it’s addictive,” Makary told CNBC after the PhRMA Forum, a one-day event organized by the pharmaceutical industry’s largest lobbying group.
“If it doesn’t meet those criteria, why shouldn’t a drug be over the counter? So we should be asking, why not? Instead of, ‘Oh, you want to move over the counter, you got to go through a long, tedious process,'” he added.
Marty Makary, U.S. President Donald Trump’s nominee to be U.S. Food and Drug Administration (FDA) commissioner, testifies before a Health, Education, Labor, and Pensions (HELP) Senate Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., March 6, 2025.
Kent Nishimura | Reuters
The FDA has long considered making some prescription drugs available OTC to improve accessibility, reduce health-care costs and help patients stay on their medications. For example, patients wouldn’t have to take time off work to see a doctor for a prescription or could refill a drug without delay.
Congress boosted the effort through legislation in November that streamlines the regulatory process for prescription-to-OTC transitions, including full, conditional and partial “switch” pathways.
Makary framed the FDA’s latest push to expand OTC access as another way to lower drug costs, a key priority of the Trump administration. He argued that placing medications directly on store shelves would bypass insurers and pharmacy benefit managers, eliminating the rebate-driven system that often obscures a drug’s true price.
He also said selling drugs over the counter promotes transparency that “keeps prices in check.” In some cases, Makary said cash prices for OTC medicines are lower than patients’ copays for prescription drugs “when there’s a money game going on behind the pharmacy counter,” with employers and insurers sharing the cost.
Pharma questions OTC push
Some in the pharmaceutical industry have pushed back on that argument. Most OTC drugs are not covered by insurance, meaning their prices could eclipse those of generic prescription medicines and potentially make them less affordable for patients who rely on coverage.
In comments to the FDA earlier this month, the Association for Accessible Medicines argued that “the shift of many prescription drugs to nonprescription status could actually increase costs to patients, thereby decreasing patient access to treatments.” That organization represents manufacturers and distributors of generic prescription medicines.
The FDA also doesn’t have the authority to regulate drug prices. In its own comments this month, PhRMA said the agency must respect “the core principle that pricing considerations may not factor into FDA regulatory decision-making.”
The Pharmaceutical Research and Manufacturers of America added that the FDA should not attempt to transition any prescription drugs to OTC without first consulting manufacturers. But the group emphasized that it supports the FDA’s effort to expand access to crucial medicines.
In its own comment this month, AstraZeneca said several previous attempts to transition cholesterol-cutting statins to OTC status have been “unsuccessful, with consumers consistently having difficulty making proper self-selection decisions.”
Meanwhile, Makary told CNBC on Wednesday that “we have to trust people to make their decisions. We’ve got to get away from this paternalistic mindset.”
The FDA removed the longtime director of the office of over-the-counter drugs, Theresa Michele, from her position in December, STAT news reported at the time.
Business
Stock market today: Which are top gainers and losers on NSE and BSE on February 18? Check list – The Times of India
Market ended in green for the third straight session on Wednesday, with benchmark equity indices rising on the back of last-hour buying in banking, metal and FMCG stocks.The 30-share BSE Sensex jumped 283.29 points, or 0.34 per cent, to settle at 83,734.25 in a volatile trade. The 50-share NSE Nifty gained 93.95 points, or 0.37 per cent, to close at 25,819.35.Among the Sensex constituents, Tata Steel, ITC and Kwality Walls were the major gainers. On the other hand, Eternal, Tech Mahindra and Infosys were the laggards.“Indian markets witnessed a late surge driven by broad-based buying after a cautious start, as positive domestic sectoral cues helped offset lingering global uncertainties,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.He added that banking and financial stocks remained resilient on the back of steady asset-quality expectations, while selective buying in FMCG names contributed to relative outperformance.Broader indices also traded firm, with the BSE Smallcap Select Index rising 1.02 per cent and the Midcap Select Index gaining 0.40 per cent.“Indian equity markets extended gains for the third consecutive session staging a gradual recovery, with the Nifty rising 0.4 per cent, supported by strength in PSU and metal stocks. On the flows front, FIIs remained net buyers on Tuesday, purchasing equities worth Rs 995 crore, while DIIs also bought shares worth Rs 187 crore, providing support to sentiment,” Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
Nifty50 top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Kwality Wall’s | 29.33 | 1.38 ↑ | 4.94% ↑ |
| HDFC Life | 729.60 | 23.80 ↑ | 3.38% ↑ |
| Tata Steel | 209.03 | 5.95 ↑ | 2.93% ↑ |
| ITC | 332.45 | 7.00 ↑ | 2.16% ↑ |
| Tata Consumer | 1,170 | 21.20 ↑ | 1.85% ↑ |
| Bajaj Auto | 9,980 | 154.00 ↑ | 1.57% ↑ |
| Axis Bank | 1,377 | 19.80 ↑ | 1.46% ↑ |
| Reliance Industries | 1,441 | 18.30 ↑ | 1.29% ↑ |
| Nestle India | 1,301 | 15.60 ↑ | 1.22% ↑ |
| M&M | 3,531 | 41.30 ↑ | 1.19% ↑ |
Nifty50 top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| ONGC | 264.60 | -7.25 ↓ | -2.67% ↓ |
| Wipro | 211.95 | -3.75 ↓ | -1.74% ↓ |
| Eternal | 277.35 | -4.15 ↓ | -1.48% ↓ |
| Adani Enterprises | 2,211 | -31.71 ↓ | -1.42% ↓ |
| Infosys | 1,374 | -17.50 ↓ | -1.26% ↓ |
| Tech Mahindra | 1,505 | -19.00 ↓ | -1.25% ↓ |
| HCL Technologies | 1,467 | -15.40 ↓ | -1.04% ↓ |
| Adani Ports & SEZ | 1,551 | -15.50 ↓ | -0.99% ↓ |
| Coal India | 418.00 | -3.56 ↓ | -0.85% ↓ |
| TCS | 2,695 | -22.50 ↓ | -0.83% ↓ |
Sensex top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Kwality Wall’s | 29.33 | 1.38 ↑ | 4.94% ↑ |
| Tata Steel | 209.03 | 5.95 ↑ | 2.93% ↑ |
| ITC | 332.45 | 7.00 ↑ | 2.16% ↑ |
| Axis Bank | 1,377 | 19.80 ↑ | 1.46% ↑ |
| Reliance Industries | 1,441 | 18.30 ↑ | 1.29% ↑ |
| M&M | 3,531 | 41.30 ↑ | 1.19% ↑ |
| Larsen & Toubro | 4,326 | 46.10 ↑ | 1.08% ↑ |
| Bajaj Finance | 1,024 | 9.65 ↑ | 0.96% ↑ |
| Bajaj Finserv | 2,061 | 16.20 ↑ | 0.80% ↑ |
| UltraTech Cement | 13,052 | 68.00 ↑ | 0.53% ↑ |
Sensex top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Eternal | 277.35 | -4.15 ↓ | -1.48% ↓ |
| Infosys | 1,374 | -17.50 ↓ | -1.26% ↓ |
| Tech Mahindra | 1,505 | -19.00 ↓ | -1.25% ↓ |
| HCL Technologies | 1,467 | -15.40 ↓ | -1.04% ↓ |
| Adani Ports & SEZ | 1,551 | -15.50 ↓ | -0.99% ↓ |
| TCS | 2,695 | -22.50 ↓ | -0.83% ↓ |
| Asian Paints | 2,432 | -5.31 ↓ | -0.22% ↓ |
| NTPC | 368.00 | -0.40 ↓ | -0.11% ↓ |
| HDFC Bank | 924.70 | -1.00 ↓ | -0.11% ↓ |
| Maruti Suzuki | 15,164 | -15.00 ↓ | -0.10% ↓ |
In Asian markets, Japan’s Nikkei 225 benchmark closed 1 per cent higher, while markets in China, Hong Kong and South Korea remained closed due to Lunar New Year holidays. European markets were trading higher in mid-session deals, and US equities had settled in positive territory on Tuesday.Foreign institutional investors bought equities worth Rs 995.21 crore on Tuesday, while domestic institutional investors purchased stocks worth Rs 187.04 crore, according to exchange data. Brent crude, the global oil benchmark, rose 0.33 per cent to USD 67.64 per barrel.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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