Tomato prices likely to jump
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The U.S. ends a nearly 30-year-old trade agreement with Mexico this month. Here's how it could impact the cost of this kitchen staple.
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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,
Mexico currently supplies around 70% of the U.S. tomato market, up from 30% two decades ago, according to the Florida Tomato Exchange.
The 17 percent duty that went into effect today jolts historic trade patterns and will likely raise prices by as much as 10 percent.
A trade agreement that kept Mexican tomato prices in check is about to lapse. Once it does, importers face steep tariffs — and costs may pass quickly to consumers. With supply tightening and demand peaking,
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The U.S. government announced it’s placing a 17% tariff on most fresh Mexican tomatoes after negotiations ended without being able to avoid a tariff.
The US government has imposed a 17% import duty on most fresh tomatoes from Mexico. This decision aims to protect the American tomato industry. Talks between US and Mexican officials failed to reach a new agreement.