Lawmaker queries retailers in probe of link between tariffs and grocery prices
Sen. Maggie Hassan has asked Albertsons, Kroger, Walmart, Costco and Dollar General for information about how increased tariffs the Trump administration has imposed on imported steel and aluminum could affect stores, suppliers and costs in the grocery supply chain.
In June 18 letters to the chief executives of the retailers, the New Hampshire senator requested details including how they expect tariffs on the metals - which doubled to 50% on June 4 - to impact the cost of private label products, particularly canned foods and frozen meals.
Hassan, the ranking member of Congress' Joint Economic Committee, indicated that Democrats on the Republican-controlled panel are especially interested in how increases in metal prices could impact canned good costs. She asked the retailers for details about their costs, revenue and profit margins for their best-selling canned food and aluminum foil products over the past five quarters.
In addition, Hassan requested information about how customers who receive Supplemental Nutrition Assistance Program (SNAP) benefits shop for canned goods, including a breakdown of their purchases in terms of brand name and private label products. Hassan also said she wants an estimate of the number of jobs the retailers support in industries such as construction, food packaging and food processing.
"High grocery prices are a top economic concern for Americans, and experts state that tariffs could significantly increase the cost of canned foods," Hassan wrote. "Experts have also noted potential impacts from tariffs on the costs of shelving, equipment, transportation, and other inputs that grocery stores and their suppliers need to operate, which, in turn, could also lead to higher food prices for customers."
In the letters, Hassan cited data from the Consumer Brands Association indicating that the 50% levy on imported steel could push prices for canned foods up by between 9% and 15%. She also pointed to statistics showing that the U.S. imports almost 70% of the steel used for canned fruits and vegetables.
Hassan gave the retailers until July 9 to supply the information she requested.
Grocery prices rose at an annual rate of 2.2% in May, the Bureau of Labor Statistics reported June 11. By comparison, food-at-home inflation came in at 2% in April and 2.4% in March.
Copyright 2025 Industry Dive. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNET
28 minutes ago
- CNET
Early Fourth of July Deals: Save Hundreds at Amazon, Best Buy and Target Before the Holiday Weekend
Retailers like Amazon, Best Buy and Walmart are gearing up for July 4, even though we are still a few weeks away from the holiday weekend. But in anticipation of this occasion, some companies have already released some fantastic deals. If you're anticipating Fourth of July sales, you're probably also tracking Prime Day. This sales event will occur July 8 through 11 so there will be plenty of opportunities to snag all of the items on your summer wish list at a discount. These deals will save you tons on TVs, laptops and outdoor items. It also includes your favorite brands, like Apple and Anker. Just make sure to dive into the offers quickly because these pre-holiday sales may not last long. Don't forget to check back often because we're constantly updating this page as items sell out or new deals become available. Early July 4 tech deals These are the best tech deals we've found so far among the early Fourth of July sales. We've spotted deals on some of our favorite TVs, tablets and more. Insignia 50-Inch F50 4K Smart TV: $180 This TV has a great size, loads of features and a good picture. It's also 40% off right now so getting it for $180 is a chance you shouldn't miss. Details Save $120 $180 at Amazon Close Apple M3 MacBook Air 13-inch laptop: $899 We named the M3 MacBook Air the overall best laptop of 2024, and this discount makes it even sweeter to upgrade to a model with a 13.6-inch Liquid Retina display, an 18-hour battery life, 256GB of storage and 8GB of RAM. Details Save $200 $899 at Best Buy Close More early July 4 tech deals: Early July 4 home and kitchen deals Dyson V8 Plus cordless vacuum cleaner: $350 Dyson has often earned spots on our list of best vacuums, and the V8 Plus model is perfect for tackling dust and debris. If you've been considering an upgrade, don't sleep on this vacuum deal -- the V8 is now just $350, the lowest price we've seen. Details Save $120 $350 at Amazon Close Ring Battery Doorbell: $50 The Ring Battery Doorbell is an excellent way to add a bit more security and convenience to your home. And it's now half off if you're a Prime member, which is a great deal. Details Save $50 $50 at Amazon Close Ninja Creami ice cream maker: $169 Make your own ice cream concoctions at home with the viral Ninja Creami, thanks to this rare discount. It's easy to use and makes restaurant-quality frozen desserts with the click of a button. Details Save $30 $169 at Walmart Close More early July 4 home and kitchen deals: Early July 4 mattress deals Now is a great time to upgrade your mattress and score a great deal. Here are our favorite mattress deals to shop during early Fourth of July sales. Nectar mattresses Score a new mattress for as low as $349, plus 66% off bundles. Choose from tons of styles and designs. Details Up to 50% off mattresses See at Nectar Close Mattress Firm You can get up to 20% off adjustable bases and up to 60% off Mattress Firm's bestsellers. Pillows and sheets are also 20% off. Details Save up to 60% See at Mattress Firm Close DreamCloud DreamCloud is offering some significant savings, giving up to 60% off mattresses. (So, you could potentially score a mattress for as low as $299) Plus, you can also save $599 with the included accessories and get 66% off bundles. Details Save up to 60% on mattresses See at DreamCloud Close More early Fourth of July mattress deals: Early July 4 outdoor deals Upgrade your backyard or prep for your next summer camping trip with these hot early Fourth of July outdoor deals. Solo Stove sales Solo Stove, which offers a wide selection of fire pits and accessories, is currently offering up to $230 off bundles. In addition to fire pits and accessories, the company also has pizza ovens and other outdoor goodies, including furniture. Details Save up to $230 bundles See at Solo Stove Close Christopher Knight 2-piece mesh chaise lounge set: $329 Reduced by almost $200, these Christopher Knight chairs are now a good 37% off. The clean lines of these lounge chairs will complement any outdoor decor, and they feature adjustable backs, so you can go from sitting to napping in seconds. Details Save $193 $329 at Amazon Close Anker Solix C1000 portable power station: $449 If you're going camping this summer, a portable power station is an asset -- coming in handy if you unfortunately lose power at home. This model has 11 versatile ports and is strong enough to keep an electric grill, projector or coffee maker powered up. It has a maximum rated power of 1800W, but can reach a peak power of 2400W. Details Save $350 $449 at Amazon Close More of the best early Fourth of July outdoor deals: When do July 4 sales start this year? While Independence Day falls on July 4 every year, holiday sales often tend to hang around for a few days before and after. Amazon also announced that its next Prime Day will take place from July 8 to 11, so the two sales may blend. Where are the best pre-July 4 sales? Fourth of July sales offer some of the best prices on tech, appliances, mattresses and fashion, making it a great time to snag stellar prices on must-have items, and there are a ton of retailers still participating in the holiday savings. Unsurprisingly, Amazon is usually one of the best places to buy because it sells products from almost all major brands across these popular categories, making it a tremendous one-stop shop for all of your Fourth of July buys. Outside of Amazon, we recommend checking out appliance and tech sales at Best Buy, Home Depot and Lowe's, as well as holiday sales on a large variety of categories at Target, Nordstrom and Walmart, among others. Should I shop July 4 sales or wait for Prime Day deals? There's no definitive way to say whether Fourth of July sales or Prime Day deals are best. Both sales offer plenty of deals, including some of the best prices we'll see all year. Plus, it's likely the two sales will blur into one big discount extravaganza, given their proximity. Fourth of July sales offer more variety in retailers, although much of your shopping may take place on Amazon anyway. There are also plenty of non-Amazon retailers that will keep their sales rolling through mid-July, often directly competing with Amazon Prime prices. Because you'll be able to shop so many Fourth of July sales in just a few weeks, grab what you need and then keep tabs on Prime Day deals later for anything you miss out on. How to keep up with the best July 4 sales There are a lot of ways to ensure you're getting the latest scoop on Fourth of July offers. The CNET Deals team covers all the best price drops, discounts and deals every day from across the web, highlighting the best offers. We'll be tracking all the major retailer sales following the Fourth of July holiday and sharing the promotions you need to hear about, and there are plenty of ways to hear from us. One option is to bookmark to check out our latest coverage. You can also follow @CNETDeals on X to see everything we publish or sign up for our CNET Deals newsletter for a daily digest of deals delivered to your inbox. Another great option is to sign up for CNET Deals text alerts for curated deals during major shopping events. Remember to install our CNET Shopping browser extension to help ensure that purchases you make all year round will be at the lowest price available.
Yahoo
33 minutes ago
- Yahoo
Walmart's Stablecoin Ambitions Shake Up Payment Stocks
Walmart Inc. (NYSE:WMT) is one of the best dividend stocks for a bear market. The company is reportedly looking into the idea of creating or using its own stablecoins. These digital tokens allow the transfer of US dollar value through cryptocurrency networks rather than traditional banking systems. A manager standing in a hypermarket, pointing out items available for wholesale. For retailers, stablecoins are attractive because they could significantly reduce payment processing costs by leveraging the speed and efficiency of blockchain technology, though that could also divert a large volume of transactions away from major card networks. Despite this, analysts remain confident in the resilience of card companies. They argue that stablecoins are unlikely to disrupt consumer-to-business payments anytime soon, mainly due to regulatory and technical hurdles. In response to the news, Wells Fargo analyst Donald Fandetti stated that they remain bullish on Visa and Mastercard, citing multiple barriers to stablecoins becoming a viable alternative to traditional card payments. Walmart Inc. (NYSE:WMT) has a track record of exploring innovative financial technologies, and according to analyst Harshita Rawat, it's not unusual for major retailers to look into alternative payment options. She made the following comment: 'Traction will likely take years and may be limited to certain cross-border use-cases or some emerging countries (e.g., ones which have volatile underlying currencies). In retail consumer-to-business payments, stablecoins are a solution looking for a problem (for the foreseeable future) in most developed markets … There are, however, other use-cases with stronger product market fit e.g., in less liquid remittances corridors, cross-border business-to-business and treasury/cash management.' Walmart Inc. (NYSE:WMT) is a solid dividend stock with 52 consecutive years of dividend growth under its belt. The company offers a quarterly dividend of $0.235 per share and has a dividend yield of 0.98%, as of June 17. While we acknowledge the potential of WMT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
The Hill
37 minutes ago
- The Hill
How Senate Republicans want to change the tax breaks in Trump's big bill
WASHINGTON (AP) — House and Senate Republicans are taking slightly different approaches when it comes to the tax cuts that lawmakers are looking to include in their massive tax and spending cuts bill. Republicans in the two chambers don't agree on the size of a deduction for state and local taxes. And they are at odds on such things as allowing people to use their health savings accounts to help pay for their gym membership, or whether electric vehicle and hybrid owners should have to pay an annual fee. The House passed its version shortly before Memorial Day. Now the Senate is looking to pass its version. While the two bills are similar on the major tax provisions, how they work out their differences in the coming weeks will determine how quickly they can get a final product over the finish line. President Donald Trump is pushing to have the legislation on his desk by July 4th. Here's a look at some of the key differences between the two bills: The child tax credit currently stands at $2,000 per child. The House bill temporarily boosts the child tax credit to $2,500 for the 2025 through 2028 tax years, roughly the length of President Donald Trump's second term. It also indexes the credit amount for inflation beginning in 2027. The Senate bill provides a smaller, initial bump-up to $2,200, but the bump is permanent, with the credit amount indexed for inflation beginning next year. Trump promised on the campaign trail that he would seek to end income taxes on tips, overtime and Social Security benefits. Also, he would give car buyers a new tax break by allowing them to deduct the interest paid on auto loans. The House and Senate bills incorporate those promises with temporary deductions lasting from the 2025 through 2028 tax years, but with some differences. The House bill creates a deduction on tips for those working in jobs that have customarily received tips. The House also provides for a deduction for overtime that's equal to the amount of OT a worker has earned. The Senate bill comes with more restrictions. The deduction for tips is limited to $25,000 per taxpayer and the deduction for overtime is limited to $12,500 per taxpayer. The House and Senate bills both provide a deduction of up to $10,000 for interest paid on loans for vehicles made in the United States. And on Social Security, the bills don't directly touch the program. Instead, they grant a larger tax deduction for Americans age 65 and older. The House sets the deduction at $4,000. The Senate sets it at $6,000. Both chambers include income limits over which the new deductions begin to phase out. The caps on state and local tax deductions, known in Washington as the SALT cap, now stand at $10,000. The House bill, in a bid to win over Republicans from New York, California and New Jersey, lifts the cap to $40,000 per household with incomes of less than $500,000. The credit phases down for households earning more than $500,000. The Senate bill keeps the cap at $10,000. That's a non-starter in the House, but Republicans in the two chambers will look to negotiate a final number over the coming weeks that both sides can accept. The House bill prohibits states from establishing new provider taxes or increasing existing taxes. These are taxes that Medicaid providers, such as hospitals, pay to help states finance their share of Medicaid costs. In turn, the taxes allow states to receive increased federal matching funds while generally holding providers harmless through higher reimbursements that offset the taxes paid. Such taxes now are effectively capped at 6%. The Senate looks to gradually lower that threshold for states that have expanded their Medicaid populations under the Affordable Care Act, or 'Obamacare,' until it reaches 3.5% in 2031, with exceptions for nursing homes and intermediate care facilities. Industry groups have warned that limiting the ability of states to tax providers may lead to some states making significant cuts to their Medicaid programs as they make up for the lost revenue in other ways. The Medicaid provision could be a flashpoint in the coming House and Senate negotiations. Sen. Josh Hawley, R-Mo., was highly critical of the proposed Senate changes. 'This needs a lot of work. It's really concerning and I'm really surprised by it,' he said. 'Rural hospitals are going to be in bad shape.' The House bill would allow companies for five years to fully deduct equipment purchases and domestic research and development expenses. The Senate bill includes no sunset, making the tax breaks permanent, which was a key priority of powerful trade groups such as the U.S. Chamber of Commerce. Republicans in both chambers are looking to scale back the clean energy tax credits enacted through then-President Joe Biden's climate law. It aimed to boost the nation's transition away from planet-warming greenhouse gas emissions toward renewable energy such as wind and solar power. Under the Senate bill, the tax credits for clean energy and home energy efficiency would still be phased out, but less quickly than under the House bill. Still, advocacy groups fear that the final measure will threaten hundreds of thousands of jobs and drive up household energy costs. The House bill would allow millions of Americans to use their health savings accounts to pay for gym memberships, with a cap of $500 for single taxpayers and $1,000 for joint filers. The Senate bill doesn't include such a provision. The House reinstates a charitable deduction for non-itemizers of $150 per taxpayer. The Senate bill increases that deduction for donations to $1,000 per taxpayer. Republicans in the House bill included a new annual fee of $250 for EV owners and $100 for hybrid owners that would be collected by state motor vehicle departments. The Senate bill excludes the proposed fees. ___
