Trump's tariffs devastate sweet business in New York
- Economy Candy in New York City sources about a third of its products internationally, facing price hikes due to tariffs.
- Owner Mitchell Cohen reports that prices for candy have increased significantly over the last several years.
- The rise of tariffs creates uncertainty for small businesses, raising questions about future pricing and availability.
In recent months, the historic tariffs implemented by President Donald Trump have had a significant impact on businesses across the United States, including Economy Candy, a cherished emporium of sweets located in New York. Owner Mitchell Cohen has expressed concern as he faces rising prices due to tariffs on imported goods. Economy Candy offers over 2,000 candy items sourced from various countries, including chocolates from Japan and lollipops from Spain. With nearly a third of the store's products being imported, significant price increases are imminent, further complicating an already challenging economic landscape for small businesses. These tariffs have led to a considerable hike in candy prices, having risen about 34% in the past five years and 89% since 2005, according to Consumer Price Index data. Cohen is caught in a dilemma; while he understands the need to support American manufacturing, he relies heavily on raw materials and ingredients sourced from abroad. This has resulted in a situation where even locally produced snacks, like Snickers bars, contain components from multiple countries. Cohen shares a personal connection to his business, as Economy Candy has served not only as a store but also as a memorable place from his relationship with his wife. However, the impact of the tariffs has made it increasingly difficult for him to maintain the prices of his candy. He is uncertain how long he can keep selling his confectionery without substantial price increases as the costs from suppliers, driven by tariffs, continue to rise. The long-term implications of the tariffs are concerning for small business owners like Cohen. While President Trump has described the tariffs as a 'liberation day,' businesses that rely on global supply chains, such as Economy Candy, are left grappling with the realities of higher costs and potential losses. As tariffs fully go into effect, the candy industry may see a transformation that could alter not only pricing structures but also consumer access to diverse products from around the world.