5 foods that could get a lot more expensive very soon

Consumers could soon see some staple food and beverage items’ prices increase after President Donald Trump’s looming trade deadline passes. 

President Trump said all tariffs will go into effect by August 1, regardless if a country has made a new deal with the U.S. or not. 

Once these tariffs go into effect, liqueurs and spirits, baked goods, coffee, fish, and beer are the top five food imports that will be subject to price hikes, according to an analysis from the Tax Foundation published Monday. 

These five products made up approximately 21% of all food imports in 2024, adding up to $46.5 billion. 

According to the analysis, Mexico, Canada, the EU, Brazil, and China make up 62% of all food imports to the U.S. These countries will all be subject to varying tariff rates that will impact the cost of their food exports. 

However, Mexico and Canada will see about 63% of their agricultural exports exempt from U.S. tariffs due to the United States-Mexico-Canada Agreement. Goods including liqueurs and spirits, vegetable oils, beef, baked goods, and some vegetables are spared from Trump’s tariffs under this trade deal. 

When considering these exemptions, the analysis said the EU is likely to see $31 billion worth of food exports to the U.S. affected, followed by Mexico with $17.6 billion and Canada with $15.6 billion. Almost 75% of all U.S. food imports will be impacted by tariffs, the foundation said. 

Tariff price hikes put already high grocery bills further at risk, as inflation has caused food prices to soar. New data from the U.S. Department of Agriculture found that food prices are expected to get even more expensive in the second half of this year. Costs for eggs, sugar, juice and other non-alcoholic drinks, and meat —including beef, poultry, and pork — have already increased this year.