Tomato prices projected to increase
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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. Department of Commerce said in April that it would withdraw from the Tomato Suspension Agreement with the aim to address the price dumping issue.
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.
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.
The U.S. is pulling out of a three-decade-old tomato price agreement with Mexico. The move is to make way for a nearly 21% tariff on most Mexican tomato imports.
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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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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.