Coffee. Chocolate. Even booze. New Yorkers may soon have to pay more — once again — for groceries such as these as the federal government prepares to impose tariffs on a slew of products, including food and beverages.
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.
According to economic forecasts, American customers are soon likely to foot the bill through higher prices to support tariffs imposed on businesses.
“U.S. consumers should be bracing for a dramatic rise in prices, both imported and domestic,” said Mohammad Elahee, professor of International Business at Quinnipiac University. “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.”
The United States is a major exporter of food items and food supplies. It imports about 20% of all food items consumed by its citizens, totaling about $150-180 billion a year.
Story by Barbara Russo-Lennon. Read the full story at AMNY.com.
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