Metro CEO says 20% of grocer’s suppliers raising prices due to tariffs
Global News
Canadian grocery giant Metro says a fifth of its suppliers are starting to raising prices as a direct result of tariffs and counter-tariffs, and customers could start paying more.
Metro says about a fifth of its grocery store suppliers have begun raising prices as a direct result of tariffs and counter-tariff measures from the trade war sparked by United States President Donald Trump.
The company said that although it is working to keep prices relatively stable, customers may still start to see sticker prices rise.
“The introduced tariffs and counter-tariffs are a contributing factor to food inflation as we continue to receive price increase requests from our vendor partners,” CEO Eric R. La Flèche at Metro Inc. said Wednesday on an investor conference call.
“Teams continue to negotiate to minimize the impact on consumers, and for now, the effects remain manageable.”
The trade war means there are tariffs imposed by the United States on some food and drug products imported from Canada, and there are also counter-tariffs in place that would make prices for some U.S. goods higher once they cross the border into Canada.
This means some suppliers are now starting to increase the prices they charge to outlets like Metro Inc. before their products are sold directly to customers.
These price increases, however, do not apply to goods that fall under the terms of the current free trade agreement, known as the Canada-United States-Mexico Agreement (CUSMA).
Prime Minister Mark Carney is still working on a more permanent trade deal with the United States that removes or minimizes the impacts from tariffs, and Carney has said he will only accept a deal that is “good for Canada.”
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