How will President Trump's new tariffs impact grocery prices?

NEW YORK CITY - The new tariffs announced by President Donald Trump have many concerned about the impact they could have on the prices of everyday items, specifically groceries.

What we know:

FOX 5 NY's Sharon Crowley reports it's a little too early to tell how the tariffs are going to affect the price of your grocery bill at the supermarket, but one thing is certain: perishable items such as avocados, pineapples and bananas – things that are imported – are likely to go up in price first.

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"I think prices on all of those things that we import are going to be going up," said Jeff Ramson, with PCG Advisory Group. "At least for the near, for the very, you know, foreseeable future. Again, I can't say how much, but I would expect fairly substantially."

The US Department of Agriculture reports the United States imports more food products than it exports, such as avocados and tomatoes from Mexico, bananas from Costa Rica and coffee from Columbia. 

Why you should care:

The White House says it expects to raise $100 billion in revenue annually from these new duties and Trump sees his tariffs as providing national redemption.

But slumping consumer confidence and stock market indicate that much of the public believes the U.S. economy will pay the price for his ambitions.

Economists say the tariffs would get passed along to consumers in the form of higher prices for autos, groceries, housing and other goods. Corporate profits could be lower and growth more sluggish. Trump maintains that more companies would open factories to avoid the taxes, though that process could take three years or more.

The backstory:

On Thursday, the Dow, S&P 500 and Nasdaq fell sharply after the president slapped tariffs on a host of countries Wednesday, including China, Japan, India and Europe. Trump rolled out the set of tariffs that he said would free the United States from a reliance on foreign goods. 

Trump tariffs chart

China retaliatory tariffs

Meanwhile, China retaliated against President Donald Trump's "reciprocal" tariffs on Friday, announcing that it will impose a 34% tariff on imports of all U.S. products. The new tariff matches the rate of the U.S. tariff imposed against China.