US to lower banana tariffs under new trade deals with Latin America

The Trump administration announced plans to ease import taxes on bananas as part of new trade agreements with Argentina, Guatemala, El Salvador and Ecuador — two of which, Guatemala and Ecuador, are among the United States’ largest banana suppliers, according to international news agencies.

Under the framework, existing tariffs of 10% on imports from Guatemala, Argentina and El Salvador, and 15% on goods from Ecuador will remain in place overall. However, bananas will be exempted from these duties, a move officials say is intended to help reduce consumer prices amid rising costs and political pressure over affordability.

Senior administration officials noted that tariff relief should ease some market strain once implemented, provided retailers pass on savings. The four agreements are expected to be signed within two weeks.

source: bbc.com, reuters.com

photo: thepacker.com