Coffee prices in New York are nearing record highs, driven by a confluence of factors that are roiling the global coffee market. On September 16, Arabica coffee futures surged to $4.24 per pound, inching closer to the all-time peak of $4.29. This surge is primarily attributed to a 50% U.S. tariff on Brazilian coffee imports and a severe drought in Brazil during September, which poses a significant threat to the upcoming coffee crop.