In a significant policy reversal, U.S. President Donald Trump announced on Friday the rollback of tariffs on various food items such as beef, tomatoes, and bananas. This decision comes amid mounting consumer dissatisfaction over escalating grocery prices.

The new exemptions, effective retroactively from midnight on Thursday, aim to address rising inflation concerns that were highlighted by recent state and local election results in Virginia, New Jersey, and New York City.

Despite previous insistence that tariffs were not inflating prices, the Trump administration's move to negotiate new trade deals with Argentina, Ecuador, Guatemala, and El Salvador is seen as an effort to tackle the affordability crisis impacting American consumers.

(With inputs from agencies.)

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