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In Syracuse, supermarket chains Wegmans and Tops are closely monitoring the impact of new tariffs announced by President Donald Trump. The tariffs, which impose at least a 10% increase on various imported goods, are expected to affect grocery prices, including staples like produce.
Wegmans stated that while the total impact on their business is still unclear, they anticipate price fluctuations. The company is exploring ways to mitigate these effects while maintaining competitive prices and high-quality products. Tops Friendly Markets is also assessing the situation to navigate any challenges the tariffs might present.
The tariffs, which took effect on Saturday (April 5), have led to significant losses in the stock market. Supply chain expert Patrick Penfield from Syracuse University highlighted the difficulties grocery chains face, stating, "It's a really difficult day because you're trying to figure out how much everything is going to cost."
Massive retailers like Costco and Walmart may have more leverage to negotiate with suppliers to absorb some of the new costs due to their large market share. President Trump and his allies argue that while there may be short-term challenges, the tariffs will eventually lead to growth and investment in the U.S. as companies expand operations domestically to avoid these tariffs.