Trump's proposed tariffs could raise U.S. grocery prices, analysis finds
CBSN
Americans say they continue to feel the aftereffects of the highest inflation in four decades, especially at the grocery store, where prices remain 26% higher than before the pandemic. President-elect Donald Trump's proposed tariffs could cause even more financial strain in the nation's food aisles by reigniting price hikes, according to a recent study.
Although it remains to be seen what he does as president, ahead of the Nov. 5 election Trump proposed a 10% tariff on all U.S. imports, as well as a 60% tariff on products from China. Manufacturers and retailers typically pass on at least some of those costs to customers.
As a result, hefty new tariffs could cause prices for a range of consumer goods, from everyday items such as groceries to less frequent purchases like furniture, to rise, according to the analysis from Third Way, a left-leaning think tank. Trump's tariffs could cause a typical family's annual grocery budget in 2025 to swell by almost $200 next year, which would amount to an increase of more than 3%, according to Third Way.
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