Latest news with #Whitmore
Time of India
9 hours ago
- Business
- Time of India
Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms
U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. Under the United States-Mexico-Canada free trade pact (USMCA), which the Trump administration has confirmed remains in place, Canada and Mexico can export chocolate to the U.S. tariff-free no matter where they sourced their inputs of cocoa - a tropical crop that does not grow in the United States. Canada also has zero tariffs on imports of raw and semi-processed cocoa like butter and powder, while Mexico grows its own beans, meaning factories both north and south of the U.S. border can produce more cheaply than those domestically who now have to pay tariffs of between 10-25% on cocoa inputs. The rates could rise to 35% on August 1. A government official said that the White House continues to monitor trends in trade and commerce and listen to industry feedback to deliver on Trump's economic agenda. Top U.S. chocolate maker Hershey, which mainly makes chocolate in the U.S. but has plants in Canada and Mexico, has estimated it would face $100 million in tariff costs in its third and fourth quarters if the levies remain in place. Live Events Smaller firms like Somerville, Massachusetts-based Taza Chocolate, which produces chocolate from scratch using imported cocoa, have no alternatives to U.S. manufacturing. Taza in May had to pay $24,124 in duties on a container of cocoa from Haiti, subject to the blanket 10% tariff imposed by Trump, a Customs and Border Protection invoice showed. Taza faces a customs cheque of more than $30,000 to release its next container of cocoa from the Dominican Republic, founder and CEO Alex Whitmore said. "For a company our size, that's our profit margin gone so the immediate thought is OK, the rules have changed, we just need to create the most cost-effective solution for the consumer," said Whitmore. He initially explored offshoring part of Taza's manufacturing to Canada to benefit from USMCA terms, but decided against it given the significant investment of both money and time that would require, in a volatile business environment. "Right now, the environment is so uncertain that we're just hunkering down and hoping this will pass," Whitmore said. "A lot of us business owners are kind of frozen." Customs data compiled for Reuters by Trade Data Monitor (TDM) shows Canada's chocolate exports to the U.S. grew by 10% in volume terms in the five months to end-May, indicating some Canadian manufacturers are taking advantage of the opportunity created by tariffs. Companies benefiting are mostly Canadian and Mexican contract chocolate makers , or multinational contractors like Barry Callebaut that have a significant footprint in Canada and Mexico, industry sources said. Barry Callebaut, which has just under half its North America chocolate factories in Canada and Mexico, declined to comment. Its CEO Peter Feld said at its July post-results conference call: "On tariffs ... we have operations in the U.S., we have operations in Canada, we have operations in Mexico. So we can actually navigate this environment in the right way." Contract chocolate firms produce raw chocolate that U.S. factories add ingredients to and sell as American chocolate. Tariffs - a pillar of Trump's "America First" economic agenda - come at a delicate time for U.S. chocolate makers as consumers are already buying less after absorbing double-digit inflation over the past several years. In chocolate specifically, prices have risen sharply as cocoa tripled in value to hit record highs in the first four months of last year, and remains well above historical averages because of adverse weather and disease in top growers Ivory Coast and Ghana. Under pressure from rising input costs, Hershey earlier this month rolled out double-digit price hikes across its confectionary products like Reese's cups to retailers like Walmart and Kroger. Cocoa accounts for about 30-50% of the cost of a bar of chocolate. Hershey said its recent price hikes were not related to tariffs. Taza has raised its wholesale prices by 10% since a year ago, and the price of its chocolate bars on its website rose in June to $6.99 from $5.99 previously, but Whitmore also said tariffs would cause further price hikes. Because cocoa can't be sourced domestically, Hershey said in May it is "engaging with the U.S. government to seek an exemption" for cocoa. It declined to comment on whether it was counting on imports from its Canada and Mexico plants to help mitigate tariff costs. M&Ms maker Mars, which said Tuesday it is investing $2 billion in its U.S. manufacturing, including chocolate, has not changed its sourcing structure and continues to make 94% of its U.S. products locally. A Lindt spokesperson said the Lindor truffle maker will decide on possible changes to its sourcing after August 1. Paolo Quadrini, director general of Mexican chocolate and candy association Aschoco Confimex, said U.S. tariffs are "creating new opportunities for Mexican companies." "The sentiment among companies and entrepreneurs, as well as requests from U.S. chocolate companies to manufacture in Mexico, is real and has been increasing," he said. The chocolate market in the U.S., the world's top chocolate consumer, is worth $25-30 billion, according to investment bank TD Cowen, and imports from top supplier Canada account for about 10% of that total, while those from No. 2 supplier Mexico account for some 2.5%. Tareq Hadhad, CEO of mid-sized Nova Scotia-based chocolate maker Peace by Chocolate said tariffs had largely prompted Canadian and American firms to opt for locally produced goods but that contract chocolate makers in Canada had benefited from the new trade dynamic. "It's an advantage for them," he said.
The Star
10 hours ago
- Business
- The Star
Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms
LONDON/NEW YORK: U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. Under the United States-Mexico-Canada free trade pact (USMCA), which the Trump administration has confirmed remains in place, Canada and Mexico can export chocolate to the U.S. tariff-free no matter where they sourced their inputs of cocoa - a tropical crop that does not grow in the United States. Canada also has zero tariffs on imports of raw and semi-processed cocoa like butter and powder, while Mexico grows its own beans, meaning factories both north and south of the U.S. border can produce more cheaply than those domestically who now have to pay tariffs of between 10-25% on cocoa inputs. The rates could rise to 35% on August 1. A government official said that the White House continues to monitor trends in trade and commerce and listen to industry feedback to deliver on Trump's economic agenda. Top U.S. chocolate maker Hershey, which mainly makes chocolate in the U.S. but has plants in Canada and Mexico, has estimated it would face $100 million in tariff costs in its third and fourth quarters if the levies remain in place. Smaller firms like Somerville, Massachusetts-based Taza Chocolate, which produces chocolate from scratch using imported cocoa, have no alternatives to U.S. manufacturing. Taza in May had to pay $24,124 in duties on a container of cocoa from Haiti, subject to the blanket 10% tariff imposed by Trump, a Customs and Border Protection invoice showed. Taza faces a customs cheque of more than $30,000 to release its next container of cocoa from the Dominican Republic, founder and CEO Alex Whitmore said. "For a company our size, that's our profit margin gone so the immediate thought is OK, the rules have changed, we just need to create the most cost-effective solution for the consumer," said Whitmore. He initially explored offshoring part of Taza's manufacturing to Canada to benefit from USMCA terms, but decided against it given the significant investment of both money and time that would require, in a volatile business environment. "Right now, the environment is so uncertain that we're just hunkering down and hoping this will pass," Whitmore said. "A lot of us business owners are kind of frozen." Customs data compiled for Reuters by Trade Data Monitor (TDM) shows Canada's chocolate exports to the U.S. grew by 10% in volume terms in the five months to end-May, indicating some Canadian manufacturers are taking advantage of the opportunity created by tariffs. Companies benefiting are mostly Canadian and Mexican contract chocolate makers, or multinational contractors like Barry Callebaut that have a significant footprint in Canada and Mexico, industry sources said. Barry Callebaut, which has just under half its North America chocolate factories in Canada and Mexico, declined to comment. Its CEO Peter Feld said at its July post-results conference call: "On tariffs ... we have operations in the U.S., we have operations in Canada, we have operations in Mexico. So we can actually navigate this environment in the right way." Contract chocolate firms produce raw chocolate that U.S. factories add ingredients to and sell as American chocolate. Tariffs - a pillar of Trump's "America First" economic agenda - come at a delicate time for U.S. chocolate makers as consumers are already buying less after absorbing double-digit inflation over the past several years. In chocolate specifically, prices have risen sharply as cocoa tripled in value to hit record highs in the first four months of last year, and remains well above historical averages because of adverse weather and disease in top growers Ivory Coast and Ghana. Under pressure from rising input costs, Hershey earlier this month rolled out double-digit price hikes across its confectionary products like Reese's cups to retailers like Walmart and Kroger. Cocoa accounts for about 30-50% of the cost of a bar of chocolate. Hershey said its recent price hikes were not related to tariffs. Taza has raised its wholesale prices by 10% since a year ago, and the price of its chocolate bars on its website rose in June to $6.99 from $5.99 previously, but Whitmore also said tariffs would cause further price hikes. Because cocoa can't be sourced domestically, Hershey said in May it is "engaging with the U.S. government to seek an exemption" for cocoa. It declined to comment on whether it was counting on imports from its Canada and Mexico plants to help mitigate tariff costs. M&Ms maker Mars, which said Tuesday it is investing $2 billion in its U.S. manufacturing, including chocolate, has not changed its sourcing structure and continues to make 94% of its U.S. products locally. A Lindt spokesperson said the Lindor truffle maker will decide on possible changes to its sourcing after August 1. Paolo Quadrini, director general of Mexican chocolate and candy association Aschoco Confimex, said U.S. tariffs are "creating new opportunities for Mexican companies." "The sentiment among companies and entrepreneurs, as well as requests from U.S. chocolate companies to manufacture in Mexico, is real and has been increasing," he said. The chocolate market in the U.S., the world's top chocolate consumer, is worth $25-30 billion, according to investment bank TD Cowen, and imports from top supplier Canada account for about 10% of that total, while those from No. 2 supplier Mexico account for some 2.5%. Tareq Hadhad, CEO of mid-sized Nova Scotia-based chocolate maker Peace by Chocolate said tariffs had largely prompted Canadian and American firms to opt for locally produced goods but that contract chocolate makers in Canada had benefited from the new trade dynamic. "It's an advantage for them," he said. - Reuters
Business Recorder
10 hours ago
- Business
- Business Recorder
Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms
LONDON/NEW YORK: US President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the US, according to conversations with 11 industry executives, representatives, experts and traders. Under the United States-Mexico-Canada free trade pact (USMCA), which the Trump administration has confirmed remains in place, Canada and Mexico can export chocolate to the U.S. tariff-free no matter where they sourced their inputs of cocoa - a tropical crop that does not grow in the United States. Canada also has zero tariffs on imports of raw and semi-processed cocoa like butter and powder, while Mexico grows its own beans, meaning factories both north and south of the U.S. border can produce more cheaply than those domestically who now have to pay tariffs of between 10-25% on cocoa inputs. The rates could rise to 35% on August 1. A government official said that the White House continues to monitor trends in trade and commerce and listen to industry feedback to deliver on Trump's economic agenda. Top U.S. chocolate maker Hershey, which mainly makes chocolate in the U.S. but has plants in Canada and Mexico, has estimated it would face $100 million in tariff costs in its third and fourth quarters if the levies remain in place. Smaller firms like Somerville, Massachusetts-based Taza Chocolate, which produces chocolate from scratch using imported cocoa, have no alternatives to U.S. manufacturing. Taza in May had to pay $24,124 in duties on a container of cocoa from Haiti, subject to the blanket 10% tariff imposed by Trump, a Customs and Border Protection invoice showed. Taza faces a customs cheque of more than $30,000 to release its next container of cocoa from the Dominican Republic, founder and CEO Alex Whitmore said. 'For a company our size, that's our profit margin gone so the immediate thought is OK, the rules have changed, we just need to create the most cost-effective solution for the consumer,' said Whitmore. He initially explored offshoring part of Taza's manufacturing to Canada to benefit from USMCA terms, but decided against it given the significant investment of both money and time that would require, in a volatile business environment. 'Right now, the environment is so uncertain that we're just hunkering down and hoping this will pass,' Whitmore said. 'A lot of us business owners are kind of frozen.' Customs data compiled for Reuters by Trade Data Monitor (TDM) shows Canada's chocolate exports to the U.S. grew by 10% in volume terms in the five months to end-May, indicating some Canadian manufacturers are taking advantage of the opportunity created by tariffs. Companies benefiting are mostly Canadian and Mexican contract chocolate makers, or multinational contractors like Barry Callebaut that have a significant footprint in Canada and Mexico, industry sources said. Barry Callebaut, which has just under half its North America chocolate factories in Canada and Mexico, declined to comment. Its CEO Peter Feld said at its July post-results conference call: 'On tariffs … we have operations in the U.S., we have operations in Canada, we have operations in Mexico. So we can actually navigate this environment in the right way.' Contract chocolate firms produce raw chocolate that U.S. factories add ingredients to and sell as American chocolate. Tariffs - a pillar of Trump's 'America First' economic agenda - come at a delicate time for U.S. chocolate makers as consumers are already buying less after absorbing double-digit inflation over the past several years. In chocolate specifically, prices have risen sharply as cocoa , tripled in value to hit record highs in the first four months of last year, and remains well above historical averages because of adverse weather and disease in top growers Ivory Coast and Ghana. Under pressure from rising input costs, Hershey earlier this month rolled out double-digit price hikes across its confectionary products like Reese's cups to retailers like Walmart and Kroger. Cocoa accounts for about 30-50% of the cost of a bar of chocolate. Hershey said its recent price hikes were not related to tariffs. Taza has raised its wholesale prices by 10% since a year ago, and the price of its chocolate bars on its website rose in June to $6.99 from $5.99 previously, but Whitmore also said tariffs would cause further price hikes. Because cocoa can't be sourced domestically, Hershey said in May it is 'engaging with the U.S. government to seek an exemption' for cocoa. It declined to comment on whether it was counting on imports from its Canada and Mexico plants to help mitigate tariff costs. M&Ms maker Mars, which said Tuesday it is investing $2 billion in its U.S. manufacturing, including chocolate, has not changed its sourcing structure and continues to make 94% of its U.S. products locally. US, China to launch new talks on tariff truce extension, easing path for Trump-Xi meeting A Lindt spokesperson said the Lindor truffle maker will decide on possible changes to its sourcing after August 1. Paolo Quadrini, director general of Mexican chocolate and candy association Aschoco Confimex, said U.S. tariffs are 'creating new opportunities for Mexican companies.' 'The sentiment among companies and entrepreneurs, as well as requests from U.S. chocolate companies to manufacture in Mexico, is real and has been increasing,' he said. The chocolate market in the U.S., the world's top chocolate consumer, is worth $25-30 billion, according to investment bank TD Cowen, and imports from top supplier Canada account for about 10% of that total, while those from No. 2 supplier Mexico account for some 2.5%. Tareq Hadhad, CEO of mid-sized Nova Scotia-based chocolate maker Peace by Chocolate said tariffs had largely prompted Canadian and American firms to opt for locally produced goods but that contract chocolate makers in Canada had benefited from the new trade dynamic. 'It's an advantage for them,' he said.
Reuters
11 hours ago
- Business
- Reuters
Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms
LONDON/NEW YORK, July 30 (Reuters) - U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. Under the United States-Mexico-Canada free trade pact (USMCA), which the Trump administration has confirmed remains in place, Canada and Mexico can export chocolate to the U.S. tariff-free no matter where they sourced their inputs of cocoa - a tropical crop that does not grow in the United States. Canada also has zero tariffs on imports of raw and semi-processed cocoa like butter and powder, while Mexico grows its own beans, meaning factories both north and south of the U.S. border can produce more cheaply than those domestically who now have to pay tariffs of between 10-25% on cocoa inputs. The rates could rise to 35% on August 1. A government official said that the White House continues to monitor trends in trade and commerce and listen to industry feedback to deliver on Trump's economic agenda. Top U.S. chocolate maker Hershey, which mainly makes chocolate in the U.S. but has plants in Canada and Mexico, has estimated it would face $100 million in tariff costs in its third and fourth quarters if the levies remain in place. Smaller firms like Somerville, Massachusetts-based Taza Chocolate, which produces chocolate from scratch using imported cocoa, have no alternatives to U.S. manufacturing. Taza in May had to pay $24,124 in duties on a container of cocoa from Haiti, subject to the blanket 10% tariff imposed by Trump, a Customs and Border Protection invoice showed. Taza faces a customs cheque of more than $30,000 to release its next container of cocoa from the Dominican Republic, founder and CEO Alex Whitmore said. "For a company our size, that's our profit margin gone so the immediate thought is OK, the rules have changed, we just need to create the most cost-effective solution for the consumer," said Whitmore. He initially explored offshoring part of Taza's manufacturing to Canada to benefit from USMCA terms, but decided against it given the significant investment of both money and time that would require, in a volatile business environment. "Right now, the environment is so uncertain that we're just hunkering down and hoping this will pass," Whitmore said. "A lot of us business owners are kind of frozen." Customs data compiled for Reuters by Trade Data Monitor (TDM) shows Canada's chocolate exports to the U.S. grew by 10% in volume terms in the five months to end-May, indicating some Canadian manufacturers are taking advantage of the opportunity created by tariffs. Companies benefiting are mostly Canadian and Mexican contract chocolate makers, or multinational contractors like Barry Callebaut (BARN.S), opens new tab that have a significant footprint in Canada and Mexico, industry sources said. Barry Callebaut, which has just under half its North America chocolate factories in Canada and Mexico, declined to comment. Its CEO Peter Feld said at its July post-results conference call: "On tariffs ... we have operations in the U.S., we have operations in Canada, we have operations in Mexico. So we can actually navigate this environment in the right way." Contract chocolate firms produce raw chocolate that U.S. factories add ingredients to and sell as American chocolate. Tariffs - a pillar of Trump's "America First" economic agenda - come at a delicate time for U.S. chocolate makers as consumers are already buying less after absorbing double-digit inflation over the past several years. In chocolate specifically, prices have risen sharply as cocoa , tripled in value to hit record highs in the first four months of last year, and remains well above historical averages because of adverse weather and disease in top growers Ivory Coast and Ghana. Under pressure from rising input costs, Hershey (HSY.N), opens new tab earlier this month rolled out double-digit price hikes across its confectionary products like Reese's cups to retailers like Walmart (WMT.N), opens new tab and Kroger (KR.N), opens new tab. Cocoa accounts for about 30-50% of the cost of a bar of chocolate. Hershey said its recent price hikes were not related to tariffs. Taza has raised its wholesale prices by 10% since a year ago, and the price of its chocolate bars on its website rose in June to $6.99 from $5.99 previously, but Whitmore also said tariffs would cause further price hikes. Because cocoa can't be sourced domestically, Hershey said in May it is "engaging with the U.S. government to seek an exemption" for cocoa. It declined to comment on whether it was counting on imports from its Canada and Mexico plants to help mitigate tariff costs. M&Ms maker Mars, which said Tuesday it is investing $2 billion in its U.S. manufacturing, including chocolate, has not changed its sourcing structure and continues to make 94% of its U.S. products locally. A Lindt (LISN.S), opens new tab spokesperson said the Lindor truffle maker will decide on possible changes to its sourcing after August 1. Paolo Quadrini, director general of Mexican chocolate and candy association Aschoco Confimex, said U.S. tariffs are "creating new opportunities for Mexican companies." "The sentiment among companies and entrepreneurs, as well as requests from U.S. chocolate companies to manufacture in Mexico, is real and has been increasing," he said. The chocolate market in the U.S., the world's top chocolate consumer, is worth $25-30 billion, according to investment bank TD Cowen, and imports from top supplier Canada account for about 10% of that total, while those from No. 2 supplier Mexico account for some 2.5%. Tareq Hadhad, CEO of mid-sized Nova Scotia-based chocolate maker Peace by Chocolate said tariffs had largely prompted Canadian and American firms to opt for locally produced goods but that contract chocolate makers in Canada had benefited from the new trade dynamic. "It's an advantage for them," he said.
Irish Independent
a day ago
- Entertainment
- Irish Independent
Laura Whitmore to make her Cork stage debut in The Girl on the Train
The Bray native will make her Cork stage debut when she stars as Rachel Watson in the smash-hit Wiltshire Creative production of The Girl on the Train. The thriller, based on Paula Hawkins' internationally acclaimed best-selling novel, is produced by Melting Pot and Josh Andrews Productions. Whitmore's performance in the role has already captivated audiences across the UK, following its opening at Brighton's Theatre Royal in June. After the Cork run, the play will then move to Bord Gáis Energy Theatre in Dublin. The completing company cast members, are Daniel Burke as Kamal Abdic, Zena Carswell as Anna, Samuel Collings as Scott Hipwell, Freya Parks as Megan Hipwell, Paul McEwan as DI Gaskill, Edward Harrison as Tom Watson and understudies Ellie Gallimore and Oliver Brooke. The Girl on the Train features Rachel Watson who longs for a different life. Her only escape is the perfect couple she watches through the train window every day, happy and in love. Or so it appears. When Rachel learns that the woman she's been secretly watching has suddenly disappeared, she finds herself as a witness and even a suspect in a thrilling mystery in which she will face bigger revelations than she could ever have anticipated. Ms Whitmore who trained at the Leinster School of Music and Drama, studied Shakespeare at RADA and holds a degree in Journalism from Dublin City University admitted she was obsessed by the book when it first came out. 'I I love it when you find a book and all you can think about is that story. "You wake up a little bit earlier to read the book and stay up too late to finish it. I am excited to show people my portrayal of Rachel this summer,' she added. Whitmore, who has fronted shows on MTV and I'm A Celebrity Get Me Out of Here spin-off, Celeb Juice has enjoyed a very successful career to date. Her film/TV acting credits include Queenie, Hulu's Four Weddings and a Funeral, 4.3.2.1 and Storage 24. Her first lead in a feature film 'A Mother For An Hour' is out later this year as well as interactive sci fi thriller 'Hello Stranger' starring Sir Derek Jacobi. In 2022 she made her West End debut as Jenny in 2.22: A Ghost Story and returned home to play Lauren in its limited Dublin run in 2024. The successful radio and television broadcaster also launched her documentary Laura Whitmore Investigates in 2023 and she is currently working on a new documentary series. This year she also embarked on Comic Relief's 'Snow Way Back' Arctic Trek to raise vital funds for Red Nose Day which can be seen in a primetime BBC1 documentary. She currently hosts BBC Podcast, Murder They Wrote alongside Iain Stirling. She started her TV career in 2008 winning MTV's Pick me MTV and becoming the face of MTV Europe for almost a decade. She has interviewed some of the biggest musical artists and actors in the world. In March 2021 she released her first book, 'No One Can Change Your Life Except For You' which has gone on to become a Sunday Times Bestseller. Tickets for The Girl on the Train are on sale now and are available from from the box office or by phoning 021 4501 673.
