Donald Trump has unveiled sweeping tariffs on some of the US’s largest trading partners. Trump said he would impose a 10% universal tariff on all imported foreign goods in addition to “reciprocal tariffs” ranging from 20% to more than 40% on many countries irrespective of wider political ties.
Reactions worldwide have been negative, stock markets have dropped billions of dollars in value. Across the US many have realised the impact from the tariffs will be negative to businesses reliant on imports and US consumers will end up paying the price.
The National Restaurant Association President & CEO Michelle Korsmo released the statement below about the imposition of new reciprocal tariffs with US trading partners, outlining how they will impact imported food and beverages.
“Applying new tariffs at this scale will create change and disruption that restaurant operators will have to navigate to keep their restaurants open. The biggest concerns for restaurant operators—from community restaurants to national brands—are that tariffs will hike food and packaging costs and add uncertainty to managing availability, while pushing prices up for consumers.
“Restaurant operators know consumers are very sensitive to costs and have kept menu price increases to 30%, while their food costs have gone up 40% in the last five years.
“Restaurant operators rely on a stable supply of fresh ingredients year-round to provide the menu items their customers want and expect. Many restaurant operators source as many domestic ingredients as they can, but it’s simply not possible for U.S. farmers and ranchers to produce the volumes needed to support consumer demand.
“During this time of change, we’ll provide our members of all sizes with economic research to support their decision making and convene supply chain experts across the industry to share efforts for the best outcomes for restaurant consumers and the business viability of restaurants.
“The National Restaurant Association will also continue to share with the White House the real-life challenges these changes present for restaurant operators and ask to have food and beverages exempted from these tariffs.”
