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President Trump's executive order comes after voters in off-year elections this month cited economic concerns as their top issue, resulting in big wins for Democrats in races in Virginia and New Jersey.
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It is walking back levies on imports including beef and coffee in what critics say is an admission that tariffs raised prices in the first place.
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The executive order allowing products like coffee and bananas to escape tariffs comes as the Trump administration faces mounting pressure over rising prices.
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