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The price of tomatoes could soon be going up, and finding them at the grocery store could become more difficult due to a combination of new tariffs and labor shortages.
Although the price of a bunch of tomatoes may only increase by a few dozen cents, the increase comes at a time when consumers are already sick of inflation, and when tariffs threatened by the Trump Administration could further drive up prices, he says.
The U.S. Commerce Department has imposed a 17% tariff on most Mexican-grown tomatoes, ending a decades-old trade agreement designed to prevent unfair pricing from Mexican exporters.
American consumers could see a price hike and some restaurant owners may face shutting down, as a nearly three-decade-old US-Mexico trade agreement may give way to 20.9% tariffs on most Mexican tomato imports on July 14.
Households across the country are set to pay more for ketchup, salsa and other tomato-based foods. Starting Monday, the United States pulled out of a three-decade-old tomato price agreement with Mexico.
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Following changes to a long-standing trade agreement, consumers may see price differences between imported and locally grown tomatoes at markets and grocery stores.
The U.S. Department of Commerce said in April that it would withdraw from the Tomato Suspension Agreement with the aim to address the price dumping issue.
Houston Chronicle on MSN11h
Texas companies brace for 'tomato tax' after U.S. withdraws from trade dealPresident Trump is hiking tariffs on foreign goods to give U.S. companies a competitive edge. But his new tax on tomatoes could hit Texas especially hard.
KGTV San Diego, CA on MSN3h
Tomato prices expected to rise following new tariffs and labor shortagesThe price of tomatoes could soon be going up, and finding them at the grocery store could become more difficult due to a combination of new tariffs and labor shortages.
10h
Money Talks News on MSNYour Grocery Bill Just Met Its Match: Imported TomatoesThe timing could not be worse. Grocery prices already strain household budgets, and tomatoes are not exactly a luxury item you can skip. According to the Florida Tomato Exchange, Mexican imports jumped from 30% of the U.S. market two decades ago to 70% today.