Tariffs Trouble: How Trump's Steel War Impacts Your Grocery Bill
President Trump's new 50% tariffs on steel and aluminum imports may cause grocery prices to rise, as these metals are essential for packaging. Experts caution that the tariffs could disadvantage domestic producers while benefiting foreign ones, leading to increased costs for consumers across various sectors.
President Donald Trump's decision to double tariffs on foreign steel and aluminum is poised to affect Americans' grocery bills, given their pervasive use in product packaging.
The 50% tariff hike, effective Wednesday, raises fears of increased costs for consumer goods from soup to soda. Trade expert Usha Haley suggests that these tariffs could heighten grocery costs, challenge international alliances, and strain different industries without necessarily rejuvenating U.S. manufacturing.
Domestic tin mill steel production has decreased, forcing reliance on costlier imports, says Robert Budway from the Can Manufacturers Institute. ConAgra and Campbell Co. are among companies grappling with higher costs, potentially leading to pricier canned goods. The tariffs' ripple effects could further elevate retail prices, indirectly affecting a range of products.
(With inputs from agencies.)
Google News