Tariffs Recast the Arc of U.S. Food Inflation

This report, prepared by Northern Trust’s global economics team, examines how 2025’s tariff cycle reshaped food prices and agricultural trade 

• Food costs eased for holiday staples, yet broader price pressures persist as nearly three-quarters of U.S. food imports face higher duties 

• Retaliatory measures from major partners deepened losses for U.S. farmers, widening the agricultural trade deficit 

• Recent policy reversals signal recognition that households ultimately bear tariff costs, especially on essentials like coffee 

Explore the full analysis to see how shifting policy may alter next year’s pricing landscape.