If President-elect Donald Trump implements the tariffs he promised during his campaign, next year’s Thanksgiving prices could be a lot higher, some economists are warning.
Americans are already facing high inflation on many food items when they go to the grocery store, and some Thanksgiving staples are priced higher than ever. But next year, when Trump is back in the White House, his proposed tariffs could make those prices skyrocket even further.
John Lowrey, assistant professor of supply chain and information management at Northeastern University and a food pricing expert, said because tariffs lower capital productivity, shelf-stable products for Thanksgiving meals like spices and seasonings could be especially impacted.
“Firms pass-through higher labor costs onto consumers, in the form of higher food prices. Firms …