A small New York City candy store is feeling the pinch from President Trump’s historic round of tariffs, with owner Mitchell Cohen saying that nearly all 2,000 items on his shelves are affected by the sweeping trade measures.
Cohen, who took over the store from his parents after they founded it in 1934, fears that price increases will be inevitable as suppliers pass on the costs of the tariffs. The average U.S. tariff could rise to nearly 25% if all import taxes are fully implemented, according to a study by Sourcemap.
The impact is already being felt at Economy Candy, with prices up about 34% from five years ago and 89% since 2005, according to the Consumer Price Index. Cohen sells a third of his products imported, including German Haribo gummies, Italian Leone hard candies, and Japanese Kit Kats.
Even American-made Snickers bars are subject to tariffs due to the use of international ingredients like chocolate from Guyana, peanuts from Argentina, and sugar from Brazil. The tariffs will drive up prices for small-dollar items, affecting not just consumers but also families that sell these products.
Cohen is struggling to adapt to the new reality, with his business already pivoting in response to the pandemic. He fears that the web of tariff rules may make it impossible for him to expand into international sales. Despite this, he remains committed to showcasing his store’s affordability and making it a happy place for visitors.
As Cohen navigates the uncertain landscape, he is reminded that small businesses like his are often hit harder by trade policies than larger corporations. The tariffs’ impact on Economy Candy serves as a reminder of the human cost of these measures, which can affect not just consumers but also the people who work in the industries affected.
Source: https://apnews.com/article/trump-tariffs-trade-candy-05259b304c8f966f415738a428433f4d