New tariffs imposed by the U.S. government on imported goods may lead to higher grocery prices for consumers, as announced by President Trump. Economists predict that the baseline 10% tax on food items, which include popular products like coffee, chocolate, and booze, will escalate costs significantly. The tariffs aim to cover costs incurred by importers, which will ultimately be passed on to consumers. With about 20% of food consumed in the U.S. imported, the implications of these tariffs could greatly affect both imported and domestic food prices, raising consumer expenses drastically.
Food favorites from all over the grocery store could get more expensive, economists warn, after President Donald Trump announced on Wednesday a baseline of 10% taxes on goods imported into the United States.
Most imported food items will be subject to higher tariffs ranging from 10 to 55% or higher, and the importers will pass most of the higher import bill onto the consumers.
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