Khaberni - Global coffee prices fell on Friday after U.S. President Donald Trump canceled a 40% tariff on Brazilian agricultural imports, including coffee and cocoa, amid growing concern among U.S. consumers about rising food costs.
A Reuters/Ipsos poll showed that retail coffee prices in the United States increased by 40% year-on-year in September, partly due to tariffs, and rising food prices are a major factor behind Trump's popularity dropping to its lowest levels since his return to the White House.
Trump's cancellation of the tariffs he had imposed on Brazil follows a similar order announced last Friday, which lifted tariffs on coffee and dozens of other agricultural products from producing countries.
Brazil, one of the largest coffee growers in the world, supplies the United States, the world's largest coffee consumer, with about one-third of its coffee demand.
At 10:17 GMT, Arabica coffee futures in the Intercontinental Exchange fell by 4.6% to $3.5925 per pound, after dropping earlier by more than 6% to its lowest level in two months.
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