- Upcoming Tariff Increases: On August 1, tariffs on US imports will rise for over 80 countries, affecting about 71% of US goods imports, with a significant focus on the food sector, likely leading to higher consumer food prices.
- Impact on Food Imports: Unlike manufactured goods, food imports like bananas and Brazilian coffee cannot easily switch to domestic sources due to climate limitations and unique characteristics, resulting in higher prices for consumers without alternative options.
- Tariff Rates and Exemptions: In 2024, approximately 74% of US food imports faced tariffs, with rates ranging from 10% to 30%. USMCA-covered goods are exempt from these tariffs, benefiting agricultural imports from Canada and Mexico, while EU imports face increasing tariffs, rising from 10% to 15% by August 1.
Source Tax Foundation
