Latest news with #importedgoods
Yahoo
26-05-2025
- Business
- Yahoo
6 Costco Food Items That Are Likely To See Tariff Price Hikes
Costco is well known for having lower prices than other big-box stores, but even the warehouse club won't be immune from tariff-related price hikes. During a March earnings call, Costco CEO Ron Vachris noted that 'about a third of our sales in the U.S. are imported from other countries.' 'It is difficult to predict the impact of tariffs,' he said. Check Out: Read Next: Although Vachris said that Costco's 'goal will be to minimize the impact of related cost increases to our members,' it's still likely that some items will see price increases. Here's a look at the Costco food items that are likely to get more expensive due to tariffs. Current price: $13.99 for 16 fluid ounces Costco's pure vanilla extract is made from imported vanilla beans. Although Costco does not specify where the beans are imported from, many of the world's vanilla beans come from Madagascar, Mashed reported, which will be hit with a 47% tariff starting in July. Current price: $22.49 for 3 pounds Many of Costco's coffee offerings are made from imported beans, including this store-brand coffee made from Colombian beans. Although President Donald Trump rescinded the proposed 25% tariff on Colombia, the country is still subject to the 10% tariff rate imposed on all countries. See More: Current price: $27.99 for 2 liters Italy is subject to the blanket 10% tariff rate, which could make this olive oil made from Italian olives get more expensive. Current price: $149.99 for 11 pounds Costco sells a hefty 11-pound wheel of raclette cheese — that could be coming with a heftier price tag soon. The cheese is imported from Switzerland, which faces a 32% rate tariff beginning in July. Current price: $19.99 for two 10.7-ounce containers Saigon cinnamon originates from Southeast Asia, with the U.S. getting much of its cinnamon supply from Sri Lanka. The country will be subject to a 44% reciprocal tariff beginning on July 9. Current price: $54.99 for 4 pounds Costco sells a number of imported chocolate products, including this milk chocolate assortment that originates from Belgium. All imported chocolates are subject to a minimum 10% tariff. Editor's note: Costco prices and U.S. tariff rates are accurate as of May 25, 2025, and are subject to change. More From GOBankingRates Do These 5 Things Before You Book Your Next Trip 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 6 Costco Food Items That Are Likely To See Tariff Price Hikes
National Post
16-05-2025
- Business
- National Post
Cross-border shopping: How is surtax collected on U.S. goods at the Canadian border?
The Canadian government has imposed 25 per cent tariffs on certain imported goods from the United States. This could affect Canadians with travel plans that include crossing the border for the Victoria Day long weekend. Upon returning home, the Canada Border Services Agency (CBSA) said in a news release that Canadians should be prepared to declare 'everything you have with you upon entry into Canada,' adding that travellers who are driving are responsible for everything inside their vehicle. Article content Article content Article content The long weekend comes as tensions between Canada and U.S. remain high. The ongoing trade war has led to some changes for travellers, including tariffs being imposed on American goods being brought into Canada. 'The amount of tariffs is a percentage of the 'value for duty' of the good before taxes (GST and HST). The surtax is calculated by multiplying the value for duty by 25 per cent,' according to the CBSA. Article content An example would be a U.S. good with the value for duty of $50. That amount would be multiplied by 25 per cent, equalling $12.50. Therefore, the total surtax in that case would be $12.50. Article content How is the surtax on U.S. goods being collected at the Canadian border? Article content Per the CBSA, the surtax is collected upon entry into Canada. Returning residents as well as visitors are expected to pay the 'applicable tariffs, duties and taxes owing on purchased U.S. goods upon entry into Canada.' Article content 'The length of your absence from Canada determines your eligibility for an exemption and the amount of goods you can bring back without paying any duty and taxes,' per the CBSA. 'You must be outside Canada at least 24 hours to claim this exemption. Personal exemptions do not apply to same-day cross-border shoppers.' Article content Article content For international travellers, including Americans, goods that visitors are importing temporarily for personal use, such as vehicles, luggage and personal items, are not subject to tariffs. A border officer will do an assessment of the goods that the traveller is bringing, per the CBSA. International travellers are permitted to bring in personal goods that are 'considered reasonable in quantity' for the length of their stay. Article content 'If an officer determines that the goods exceed a reasonable quantity for the intended stay, you are still allowed to bring them in but you will need to pay duties, taxes and applicable tariffs,' the CBSA said.
Yahoo
10-05-2025
- Business
- Yahoo
Are Americans clueless about tariffs? State-by-state breakdown
Like the weather forecast, tariffs have become a topic of discussion in everyday conversations. The chatter on imported goods is inescapable, now even being talked about at parties and in social settings. But can you recall the first time learning about tariffs in middle school? Apparently, much of the nation needs a refresher. Financial media company tested the knowledge of 3,750 people in the U.S. with a quiz on tariffs. Some states earned near perfect scores while others, lets just say, wouldn't be getting a gold star. Iowa rose above all states in tariff knowledge, with an average score of 90% from residents. With the Hawkeye State's economy leaning heavily on corn and soybean exports, Iowans know a thing or two about tariffs as these industries are deeply impacted by trade policy. On the opposite end of the leaderboard stands Louisiana, earning a mere 42% score. Where does the Garden State Land? Below average, reaching a score of 66% (The national average is 75%.) Despite the subpar grade, 58% of New Jerseyans cite traditional news sources as their primary source of education on tariffs. A 30% chunk rely on social media to inform them, and a small 6% go to Youtube, podcasts and water cooler conversations. When participants asked whether they'd feel comfortable discussing tariffs at a party, 6% of people said they'd rather leave the party altogether. A humble 34% said they'd have no problem breaking tariffs down, while 41% said they'd try their best to bluff through the topic. Nineteen percent would rather attempt to steer the conversation somewhere else entirely. Here's a breakdown of the highest and lowest scorers: Iowa: 90% Indiana: 88% Wyoming: 86% South Dakota: 86% Idaho: 86% Louisiana: 42% Delaware: 50% Oklahoma: 58% Alabama: 60% Colorado: 61% This article originally appeared on Asbury Park Press: NJ's tariff IQ: Americans not well informed on Trump's policies
Wall Street Journal
08-05-2025
- Business
- Wall Street Journal
Maersk Says Demand for Shipping Containers Hinges on U.S-China Deal
The Gustav Maersk docked to unload imported goods at the Port of Los Angeles. (Jane Hahn for WSJ)
