Restaurants Warn of Potential $12 Billion Hit From Trump Tariffs

The US trade group representing restaurants urged President Donald Trump to spare food and drinks from tariffs, estimating the levies could cost the industry more than $12 billion and lead to higher prices for consumers.

In a letter to the president, the National Restaurant Association said companies would have no choice but to raise prices if tariffs came into effect, citing the industry’s already-tight profit margins of 3% to 5% on average. Trump pledged during his campaign to tame inflation.

“We urge you to exempt food and beverage products to minimize the impact on restaurant owners and consumers,” the ...