With the 2024 presidential race approaching, and both former President Donald Trump and Vice President Kamala Harris signaling a shift away from free trade, potential tariff adjustments loom and could have immediate effects on U.S. consumers, particularly when it comes to prices, according to a report from Traceone.
To understand the potential impact of import tariffs on the U.S. food supply, researchers broke down their study by state. Key Wisconsin findings include:
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Each year, Wisconsin imports about $1.2 billion in food and beverage commodities;
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The average Wisconsin household currently spends 13% of its annual budget on food and beverages, and further tariffs and supply chain disruptions could make everyday items increasingly expensive;
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Nearly 21% of adults in Wisconsin find it difficult to afford food, and 10.7% of households struggle with food insecurity.
Research on nationwide effects found:
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In 2019, the U.S. imported more agricultural goods than it exported for the first time in decades — a trend that is expected to continue to the tune of a $42 billion agricultural trade deficit in 2025;
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Imported foods now make up 17.3% of U.S. consumption, up from 12.4% in 2008, highlighting an increasing dependency across key categories like fruits, nuts, and grains;
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Mexico and Canada supply 42% of U.S. food imports, with beer and bread being their top exports, and other major contributors include Italy (wine), Chile (salmon), and Brazil (coffee);
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Currently, the U.S. imports nearly a fifth of its food supply from abroad, totaling almost $197 billion each year, with nearly 60% of that attributable to just five states — California, Texas, New Jersey, Florida, and Illinois.
The full study is available here.
