Jeans — “Unilateral tariff impositions risk retaliation and destabilizing the global economy, in which case American brands, workers and consumers will ultimately suffer,” Levi Strauss said in an emailed statement to Bloomberg, according to a May report. The article added that Levi Strauss pledged to work with peers in the industry to show U.S. and EU leaders how the tariffs impact consumers and the “millions of people across our supply chain.”
In the same report, Abercrombie & Fitch CEO Fran Horowitz said the tariffs are “one more thing to lose sleep on in this industry.”
Levi Strauss and Abercrombie did not immediately respond to a CNBC request for comment.
Cranberries — The U.S. cranberry industry sells more than $127 million of cranberry products to the EU every year, according to Terry Humfeld, executive director of The Cranberry Institute.
“Since there is no domestic cranberry industry in the EU, costs could increase for manufacturers leading to higher prices for consumers, or reduced access to cranberries,” Humfeld said in an emailed statement.
Peanut butter is also on the EU’s tariff list. But Hormel Foods, parent of Skippy, said in a statement to CNBC that its peanut butter sold in Europe is predominantly manufactured in that market and tariffs should not have a significant effect.
Soybeans — China is set to impose an additional 25 percent tariff on U.S. soybeans and a total $34 billion worth of U.S. imports on July 6, in retaliation against the Trump administration’s planned tariffs on $34 billion in Chinese goods set to take effect the same day. China is the world’s largest consumer of soybeans and the second-largest destination for U.S. agriculture exports last year.
If Beijing implements a 10 percent tariff, total U.S. soybean exports could fall 18 percent, according to a study for the U.S. Soybean Export Council by Purdue University agricultural economists Wally Tyner and Farzad Taheripou. A 30 percent tariff would likely result in a 40 percent drop in U.S. soybean exports, resulting in a 5 percent price drop over a few years, the analysis said.
Soybean prices are down 8 percent so far this year, due largely to uncertainty over trade with China.