[ZeroHedge] President Biden accuses China, Germany, and Canada of dumping steel used to package canned goods. The result will be higher prices for everything canned including soup, sauces, and vegetables.
NEW TARIFFS ON FOOD-CAN METAL FROM CHINA, GERMANY AND CANADA
Please expect the price of all canned goods to rise due to New Tariffs on Food-Can Metal From China, Germany and Canada.
The Biden administration on Thursday announced new tariffs on can-making metal imported from China, Germany and Canada, a move that food companies say could lead to higher prices for some canned foods.
Chinese products would be subject to the highest tariffs of the three countries—a levy of 122.52% of their import value. That rate partly reflects Chinese companies’ refusal to cooperate with the investigation to prove their independence from the Chinese Communist Party, an administration official said.
The Consumer Brands Association, a trade group representing companies such as Campbell Soup and Fresh Del Monte Produce, estimated new tariffs, if applied aggressively, could raise the prices of canned food by up to 30%. |