The United States is poised to raise tariffs on a wide range of imported goods this Friday, unless President Donald Trump secures last-minute agreements with trading partners.
The anticipated increase in import duties is likely to drive up costs for businesses and, ultimately, American consumers.
Economists have cautioned that these higher tariffs-which are levied on importers-could inflate the price of goods, affect profit margins, and lead to higher retail prices. This could dampen consumer spending, which is crucial to the health of the US economy.
Among the most impacted imports are coffee, apparel, rice, cocoa products, and electronics. Heres a breakdown of five categories likely to feel the squeeze:
Coffee The US relies heavily on imported coffee, with over 99 per cent of its supply coming from abroad, according to the National Coffee Association. Two-thirds of American adults consume coffee daily. Brazil, which supplies more than 30 per cent of the US's coffee beans, is facing a looming 50 per cent tariff. Trump justified this rate by pointing to what he described as a politically motivated legal campaign against Brazil's former president Jair Bolsonaro. Vietnam, another key supplier, recently struck a deal with Trump but will still be subject to a 20 per cent additional duty.