President Donald Trump’s trade wars have upset the calculus for some of the most momentous decisions shaping the world economy, from central banks to global corporations.
And some of the least important ones, too -– like where to have lunch in Los Angeles.
Trump’s latest tariffs take effect Friday: A 25% charge on gourmet imports from Europe, like French wine, Italian cheese, Spanish olives and Scotch whiskies. The president, who’s thrown markets into turmoil with his trade campaigns, has approval this time from the World Trade Organization. It said the measure to slap duties on $7.5 billion of European goods is a justified retaliation against Europe’s airplane subsidies.
At the Monsieur Marcel market and restaurant at LA’s historic Original Farmers Market -- where lunchtime crowds enjoy customized cheese trays and charcuterie boards -- owner Stephane Strouk said he’ll probably raise some prices as a result.
‘A Little Piece’
Some customers are rich enough not to object –- or even notice -– if tariffs bump up their bill a bit, says Strouk, who stocks 100-year-old vinegar at $850 a bottle. But they’re in the minority, he says.
“The impact will be for the people who like to buy a little piece of cheese,” Strouk said.
About 60% of what he sells is from Europe, and he says the tariffs will squeeze his margins.
He’s doing a shipment now, he says, without knowing exactly how much he’ll have to pay extra until the cargo clears customs. “I can only hope it isn’t hit.”
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A few miles away at Sqirl, a vibey counter-service joint with lines well outside the door, owner Jessica Koslow can afford to be more relaxed.
After getting started as a jam-maker, Koslow took the farm-to-table approach when she set up her restaurant. Most of her suppliers are a drive away.