American Kitchens Face an Uncertain Mix: Olive Oil and Tariffs
Published On Dec 18, 2024, 9:55 AM
The article discusses potential tariffs on imported olive oil in the United States due to President-elect Donald Trump's plans, reminiscent of past tariff policies. Approximately 97% of the olive oil consumed in the U.S. is imported, primarily from Spain and Italy. Previous tariffs have already impacted prices, leading to a doubling in average olive oil prices at supermarkets since 2021. Industry producers fear that new tariffs would further increase costs for consumers already dealing with inflation.
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The potential reintroduction of tariffs on imported olive oil could lead to higher prices, thus affecting olive oil-dependent companies and retailers negatively, while benefiting domestic producers if they can exploit reduced competition. Watch companies involved in the olive oil supply chain.
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