AUDIO TRANSCRIPT: Local Syracuse businesses preparing for tariffs on imported wine and liquor.
Chloe Breeze: New tariffs on imported goods have many worried about the rise of prices in future months. One of these new tariffs is a 20% tariff placed on wine, liquor and beer imports from Europe. Local Syracuse businesses are preparing for the expected price increases. Pascale’s Liquor Square, where Noah Curtis is expecting to see those effects in the coming months.
Noah Curtis: A lot of stocking up on products now. Distributors themselves have also been stocking up on products, so that way we shouldn’t see effects for a few months.
Breeze: Many others in the area are planning next steps. Sonny Singh at Liquor World of Syracuse says he will base his supply on his customers’ needs.
Sonny Singh: So we have to see how the products are moving, and that will determine how often we buy.
Breeze: These tariffs could lead to a 30%-40% cost increase for customers. Chloe Breeze, NCC News.
SYRACUSE, N.Y. (NCC News) — President Donald Trump’s “Liberation Day” tariffs could affect many consumers in the coming months. Specifically, tariffs on imported wine and liquor goods from Europe.
Once the tariffs are in place, every bottle imported into the United States will be more expensive for distributors, restaurants and consumers. Foreign wines and liquors face 10% tariffs, while bottles from France, Germany, Italy and Spain face 20% tariffs.
Trump argues the tariffs will increase the U.S. economy, saying it will lead to U.S. consumers buying more American-made goods.
Local Syracuse businesses are preparing for the expected price increases. Many will start to see the effects in a few months.
Among many is Pascale’s Liquor Square where store manager Noah Curtis said the tariffs will affect some of their products. However, they will try and keep prices as low as possible.
“We’re stocking up on product now, and distributors themselves have also been stocking up on product,” Curtis said. “So that way we shouldn’t see the effect of any tariffs for a couple of months.”
Some businesses are planning their inventory intake in the coming weeks. Sonny Singh, owner of Liquor World of Syracuse, said he will base his supply on his customer’s needs.
“So we have to wait and see how the products are moving and that will determine how often we buy,” Singh said.
After the 90-day pause, consumers could see a 30% to 40% price increase on wine and liquor in the area.