Mexico, Tomat
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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.
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.
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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Stocktwits on MSNTomato Prices Set To Soar After Trump Administration Ends 17% Antidumping Duty Suspension On Mexican ImportsTomatoes could become pricier in the U.S. as the 2019 agreement suspending the “Antidumping Duty Investigation” on fresh tomatoes from Mexico expired. With the U.S. government deciding against renewing the suspension,
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Over the past 30 years, Florida tomato growers’ share of the U.S. tomato market has shrunk from 80% to 20%, as Mexico-grown tomatoes become more common on shelves, Arizona State University professor Tim Richards said. Richards predicts the price of tomatoes will increase by about 8.5%, half the amount of the 17% tariff.
The U.S. just ended a decades-old tomato trade agreement with Mexico, and while prices could soon spike at grocery stores and restaurants across the country, one Stanislaus County farmer says not so fast.
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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.
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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.