Trump Tariffs to Hit Coffee, Clothing, Electronics, and More
Starting August 1, the U.S. may hike tariffs on imports from key trade partners unless new deals are reached, potentially raising consumer prices. Products affected include coffee, rice, cocoa, seafood, apparel, and electronics. Brazil could face a 50% tariff on coffee, Thailand up to 36% on jasmine rice, and China 30% on apparel. Electronics and copper imports may also see steep new duties. Economists warn the tariffs could increase business costs and dampen consumer spending. Almost all coffee consumed in the U.S. is imported, making it particularly vulnerable to tariffs. Brazil, the top supplier of coffee to the U.S., faces a 50% tariff, potentially driving up prices for consumers. Vietnam, another major supplier, could see a 20% tariff. With over 98% of clothing imports and 99% of shoes entering the U.S., the fashion and retail sectors are likely to be heavily impacted. China, Vietnam, and Bangladesh, key sources of apparel imports, are targeted with varying tariff rates. Thi...