The slew of new tariffs on European goods set to take effect later this month could mean your grocery or restaurant bill might see a sharp increase just as the holiday season approaches.
What started as an international trade dispute over subsidies in the airline industry, resulted in the World Trade Organization"awarding" the U.S. the ability to slap tariffs on $7.5 billion worth of goods from the European Union.
Americans' grocery bills are going to"significantly go up, at least 25 to 40%, depending on the retailer," Phil Kafarakis, the president of the Specialty Food Association, told ABC News Monday. When it comes to restaurants that don't often have an inventory built up the way a grocery store would,"you're going to see a broad range immediate price increase" on menus, Kafarakis said.
Antoine Leccia, the president of the French Association of Wine and Spirit Exporters , lamented the tariffs announcement, saying they,"will severely impact French wine producers and exporters, but also our customers and consumers in the United States" and are"good news for no one."
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