President Donald Trump's administration is preparing broad exemptions to the president's signature tariff regime in a desperate bid to lower food costs, according to a new report.

The New York Times reported on the exemptions, citing three sources familiar with the matter. The report indicates the exemptions would apply to several tariffs the president implemented in April with countries that have not yet struck trade deals with the U.

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"The exemptions are expected to include beef and citrus products, although the people cautioned that President Trump had not made a final decision," the report reads in part. "The issue of increasing beef imports has been a source of contention among U.S. ranchers, who say it runs counter to Mr. Trump’s philosophy of boosting domestic production."

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