Trump eyes more domestic travel to tout economic agenda, affordability

Trump has focused intensely on the issue of affordability after a string of defeats for Republican candidates in last week's elections, while insisting that any higher costs were triggered by policies enacted by former President Joe Biden, and not his own sweeping tariffs.

Democratic wins in New Jersey, New York and Virginia, driven in part by cost-of-living concerns, revealed concerns among voters over ongoing inflation, which economists say has been fueled in part by high import tariffs imposed by Trump. More than half of the line items reported in the monthly Consumer Price Index from the Labor Department were rising at more than a 3% annualized rate as of the latest report for September, according to analysis by Apollo Global Management Chief Economist Torsten Slok.

“Cleaning up Joe Biden’s inflation and economic disaster has been a top focus for President Trump since Day One, when he signed an array of executive orders to unleash American energy and slash costly regulations," said White House spokesman Kush Desai, citing ongoing efforts to reduce prices for gasoline, eggs, medicines and other goods.

"The Trump administration will continue to implement and emphasize these and other economic policies that are cutting costs, raising real wages, and securing trillions in investments to make and hire in America," he said.

It was not immediately clear where or when Trump planned to travel to discuss his economic agenda.

Treasury Secretary Scott Bessent told Fox News' "Fox and Friends" program earlier Wednesday that "substantial announcements" were planned in coming days to lowering the prices of products like coffee, bananas and other items not grown in the U.S.

He gave no details, but said the measures would bring down prices "very quickly," adding that people would start feeling better about the economy in the first half of 2026.

Coffee prices fell sharply on Wednesday amid signs that the U.S. will cut selected import tariffs, potentially easing supply tightness in the world's top consuming country.

After last week's election defeats, Trump once again floated the prospect of giving households rebate checks funded by tariffs, and raised the prospectof a 50-year mortgageto encourage more people to buy homes.

Bessent, asked about those ideas, said a US$2,000 rebate check proposed by Trump would benefit those earning less than $100,000 per year, but no decisions had been made. He did not address the 50-year mortgage idea, which has sparked criticism from conservative allies, business leaders and lawmakers.

LOWERING TARIFFS

Trump, in an interview aired on Fox News' "The Ingraham Angle" show on Tuesday, said the U.S. would lower some tariffs on coffee imports, repeating comments he first made in late October during his trip to Asia.

Coffee roasters in the U.S. have been plowing through their stockpiles as they await the outcome of ongoing U.S.-Brazil trade negotiations. Brazilian coffee, which accounts for a third of the beans consumed in the U.S., has been priced out of that market by the 50% import tariffs that Trump imposed in August.

Asked about Trump's comments about lowering tariffs on coffee producers Vietnam and Brazil, Bessent said, "It's tough to do a lot of specific things, but I can tell you ... you're going to see some specific announcements in coming days in terms of things we don't grow here in the United States, coffee, coffee being one of them, bananas, other fruits, things like that."

In September, U.S. consumers paid nearly 19% more than a year earlier for roasted coffee and nearly 22% more for instant coffee, according to that month's CPI report. Banana prices were up nearly 7% year over year compared with essentially no change for fresh fruit more widely.

The U.S. grows bananas in Hawaii and Florida, but commercial production is limited and most bananas are imported from countries where labor is cheaper and land costs are lower.

Bessent said other measures already taken by the Trump administration, including reducing taxes on overtime and tips, would kick in early next year, as well as moves to boost domestic manufacturing through foreign investment.

"Real wages are going to increase," Bessent said. "I would expect in the first quarter, second quarter of next year .... Americans are going to start feeling better."

Many households will see large tax refunds next year given changes in tax law, allowing deductions for car loans and ending taxes on Social Security benefits for some seniors. Parents of children born after December 31, 2024 and before January 1, 2029 could also receive a US$1,000 initial deposit if they opened a Trump account, Bessent said.