Coffee futures extended losses to near five-week lows as the United States signals a reduction in tariffs.

Arabica coffee prices in the New York market fell to near five-week lows, continuing the sharp drop seen on Wednesday. Prior to this, the Trump administration signaled that it would soon reduce tariffs on coffee beans. Arabica coffee futures briefly fell 1.5%, closing down 5.7% on Wednesday, marking the largest drop since mid-September. When asked about coffee prices later on Tuesday, U.S. President Donald Trump said, "We will reduce some tariffs," a statement that was echoed by U.S. Treasury Secretary Steven Mnuchin.