- 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
Latest Posts in "United States"
- Which Grocery Items Are Taxed? Understanding U.S. Food Sales Tax by State (2025 Update)
- U.S. Government Reaches Agreement in Principle with the U.K. on Pharmaceutical Pricing
- Understanding Sales Tax Rules for Cyber Monday Discounts: Guidance from California Tax Department
- 2026 Local Sales Tax Rate Changes: What U.S. Businesses Need to Know and How to Prepare
- How to Register for a Puerto Rico Sales Tax Permit: Step-by-Step Guide
