How Trump's tariffs could affect the price of popular foods
O'Leary Ventures Chairman Kevin O'Leary joins 'Fox & Friends' to discuss his conversation with President Donald Trump regarding the tariffs on Canada and Mexico and Elon Musk's claim the U.S. Treasury approved fraudulent payments.
A swath of foods will be impacted by sweeping tariffs the U.S. is placing on major trading partners in an effort to curb the flow of drugs and illegal immigrants into the country, according to experts.
With grocery retailers already operating on razor-thin profit margins – often ranging from 1% to 5% – such businesses may be inclined to pass costs on to customers, according to Kelly Beaton, the chief content officer at The Food Institute.
While tariffs on Mexican imports are suspended for one month, the U.S. is still following through on plans to impose a 25% tariff on imports from Canada as well as a 10% tariff on imports from China in response to the «threat posed by illegal aliens and drugs, including deadly fentanyl,» the White House said in a statement.
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Canada retaliated with a 25% levy on U.S. imports that would take effect on Tuesday, and the Chinese government, which is also challenging Trump's move, plans to take «respective countermeasures to reliably defend its rights and interests,» according to reports.
A customer shops at a grocery store on Feb. 13, 2024, in Chicago. (Scott Olson / Getty Images)
When tariffs are implemented, including ones pending against Mexico, the institute said that food and beverage products «will soon cost more,» according to Beaton, who referenced Mexican avocados, Mexican beers from brands like Modelo and Corona, Canadian maple syrup and Canadian grain as examples.
She also added that the «consensus
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