Bangla Press Desk: The United States is set to raise tariffs on dozens of trading partners Friday if they fail to reach accords with President Donald Trump to avert the higher rates, and this risks raising prices for consumers.
Economists have warned that steeper US tariffs, paid for by importers of foreign products, could add to business costs and trickle down to households.
The risk is a dampening of consumption — a key driver of the world’s biggest economy.
Trump’s tariffs could impact everything from coffee beans and rice to cocoa, seafood or even electronics.
Coffee
Over 99% of America’s coffee is imported, according to the National Coffee Association. It told AFP that two-thirds of US adults drink coffee daily.
Top suppliers of coffee beans include Brazil, Colombia and Vietnam, according to the United States Department of Agriculture (USDA).
In a letter to Brazil’s leadership, Trump cited a judical “witch hunt” against his right-wing ally, ex-president Jair Bolsonaro, in unveiling the rate.
Imports from Vietnam, meanwhile, face a 20% additional tariff even after a deal the Southeast Asian country recently struck with Trump.
Shirts
China, Vietnam and Bangladesh accounted for more than half of US apparel imports from January through May this year, said the American Apparel & Footwear Association.
All three countries face different tariff levels under the Trump administration.
Chinese goods, which account for nearly a third of apparel imports, were hit by a fresh 30% duty this year — piling atop existing ones.
If an existing truce expiring 12 August is not extended, tariffs on products from China could surge even higher, causing companies to halt imports or be forced to pass on more costs.
Trump has threatened to impose a 35% duty on Bangladesh goods.
Jasmine rice
More than 60% of the country’s rice imports are aromatic varieties, mostly jasmine from Thailand and basmati from India and Pakistan.
Thailand faces a prospective 36% tariff come Friday, India 26% and Pakistan, 29%.
The United States also takes in smaller quantities of medium and short-grained rice from Asia and some products from South America.
Cocoa
US imports of cocoa beans — mostly from places like the Ivory Coast and Ecuador — averaged over $1.1 billion annually from 2017 to 2021, according to the USDA.
Among them, the Ivory Coast faces a 21% tariff.
Cocoa butter shipments were valued at $576 million annually and mainly supplied by Indonesia and Malaysia, facing fresh duties of 19% and 25% respectively.
Electronics
Besides tariffs on imports from specific countries, Trump has also threatened a 50% duty on copper imports come 1 August.
Consulting firm BCG warned that this would add $8.6 billion to the cost of raw copper and refined copper imported into the country — and more if tariffs extended into derivative products.
BCG expects material costs to jump for the construction industry — which uses 42% of copper products consumed domestically — and makers of electronics goods. This article was originally published on Daily Sun.
