financetom
Business
financetom
/
Business
/
Restaurant Trade Group Expects Tariffs to Increase Prices, Seeks Exemptions for Members
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Restaurant Trade Group Expects Tariffs to Increase Prices, Seeks Exemptions for Members
Apr 2, 2025 3:23 PM

06:00 PM EDT, 04/02/2025 (MT Newswires) -- An industry group representing restaurant operators chided President Donald Trump on Wednesday over plans to place tariffs of 10% or more on goods coming into the US, saying the new trade policies will likely increase costs for both companies and customers.

Michelle Korsmo, president and chief executive of the National Restaurant Association, said the group's members anticipate the new tariff regime adds more uncertainty for their businesses in addition to boosting food and packaging costs.

"Restaurant operators know consumers are very sensitive to costs and have kept menu price increases to 30%, while their food costs have gone up 40% in the last five years," Korsmo said late Wednesday.

Restaurant operators also will try to buy food and other supplies from domestic sources, she said, but warned, "it's simply not possible for US farmers and ranchers to produce the volumes needed to support consumer demand."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Sony Group, others eyeing buyout of Infocom, Bloomberg News reports
Sony Group, others eyeing buyout of Infocom, Bloomberg News reports
May 9, 2024
TOKYO, May 9 (Reuters) - Sony Group ( SONY ) and other parties are considering buying online comic store operator Infocom Corp ( IFFOF ) in a deal worth up to 200 billion yen ($1.28 billion), Bloomberg News reported on Thursday. Infocom ( IFFOF ) parent Teijin Ltd ( TINLF ) is aiming to sell its entire stake of around...
Two Chinese megacities lift home purchase curbs to attract buyers
Two Chinese megacities lift home purchase curbs to attract buyers
May 9, 2024
* Hangzhou, Xian lift curbs to boost demand, cut inventories * More cities may follow in Hangzhou's footsteps, say analysts * China's biggest cities not expected to drop all curbs soon By Liangping Gao and Ryan Woo BEIJING, May 9 (Reuters) - Two Chinese provincial capitals lifted all home purchase restrictions on Thursday to lure buyers and shore up their...
Jurors to be chosen in Bill Hwang's trial over Archegos collapse
Jurors to be chosen in Bill Hwang's trial over Archegos collapse
May 9, 2024
NEW YORK, May 9 (Reuters) - Jury selection is expected to wrap up Thursday in the criminal racketeering trial of Sung Kook Bill Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week. Prosecutors, Hwang's lawyers and U.S. District Judge Alvin Hellerstein will have a chance...
Israel in spotlight at Eurovision semi-final as pro-Palestinian protests loom
Israel in spotlight at Eurovision semi-final as pro-Palestinian protests loom
May 9, 2024
MALMO, Sweden, May 9 (Reuters) - The second semi-final of this year's Eurovision Song Contest will take place in Sweden on Thursday, with Israel's performance expected to draw attention due to large pro-Palestinian protests planned in host city Malmo. Some 100,000 visitors have gathered in the southern Swedish city for the annual kitsch-fest, which is taking place amid protests and...
Copyright 2023-2026 - www.financetom.com All Rights Reserved