New tariffs will increase the cost of everyday items like coffee, bananas, and toilet paper. The U.S. plans to impose tariffs on goods from over 180 countries. The Consumer Brands Association (CBA) notes that some essential ingredients cannot be sourced domestically. For instance, the U.S. imported the most bananas globally in 2023, with nearly 40% coming from Guatemala, now facing a 10% tariff. Madagascar, supplying over three-quarters of U.S. vanilla imports, will see a 47% tariff on its exports. More than 90% of oats milled for food in the U.S. come from Canada due to a century-long decline in domestic oat production. Household items like toilet paper and diapers may also rise in price due to tariffs on materials like palm oil from Indonesia, which now faces a 32% duty. Despite market declines, stocks in the consumer staples sector rose, with Procter & Gamble up over 1%, Coca-Cola up 2%, and General Mills up 3%.
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