Ivory Coast is notably the world’s biggest cocoa producer and will face levies of 21%.
During an earnings call in January, Starbucks chief financial officer Rachel Ruggeri also noted that “higher prices to an already pressured consumer” would have a serious impact on the company.
WAITING GAME?
Other executives don’t feel the same about the tariffs’ overall impact on the US economy despite recent stock market dips.
Former Home Depot CEO Bob Nardelli argued that preparations being taken by retailers and businesses and overall unease is an “over-reaction.”
While speaking with Fox News, Nardelli warned consumers that “we’ve become a society of instant gratification” and that it would take time for the benefits of the tariffs to be seen.
“Here we see another move by this president to really level the playing field, and we’re seeing over-reaction in my opinion,” he added.
“I’m staying in this market because I believe what he’s [President Trump] doing over the long haul will benefit the country in a number of ways.”
The Trump administration is also locked in a back-and-forth trade battle with China as a whopping 104% tariff could take effect on Wednesday.
Many Americans have also been urged to buy up several products, including shoes, furniture, and cars, to avoid tariff impacts.
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