Wednesday saw some of the biggest stock market gains in years, as after days of major losses, major indexes surged in the afternoon in response to Trump’s latest tariff announcement. Shoppers and businesses across the tri-state have been following the saga, trying to figure out how it will impact their wallets. NBC New York’s Rana Novini and Lynda Baquero report.
While tariff rates have been changing over the last few days and weeks, what hasn’t changed is consumer caution, as shoppers navigate the latest developments. They continue to keep a watchful eye on their budgets.
At the Hunts Point Produce Market in the Bronx, bananas there on Wednesday would be among the last batches arriving at the market with zero tariffs.
Top Banana, at Hunts Point, imports a million pounds of bananas each week from Costa Rica, Honduras and other Central American countries. While President Trump put a 90-day pause on the "reciprocal" tariffs, the 10% baseline tariff will still be in effect for those and most other countries.
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So the cost of some bananas to consumers will likely be higher soon.
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SIGN UP "If we have a ripening process of five to seven days, that fruit with the tariff applied is going to be in about a week from Sunday," said Dan Barabino, the chief operating officer for Top Banana.
Regardless of tariffs, the consumer does play an important role.
"So in the short term, prices are definitely going up, but it’s a complex equation between consumers, and supply and demand," Barabino said.
At Stew Leonard’s supermarkets, they plan to hold the line on prices and absorb any increase. The director of their Yonkers store pointed out that more U.S. grown produce will be available soon.
"We’re coming into the local growing season, so in New Jersey you’re starting to see a lot of blueberries, corn, things like that," said Andrew Hollis.
On Wednesday, the parking lot at Costco in Yonkers was packed with shoppers stocking up on items that might be coming from China and abroad.
Consumers like Charles Bobis, of Irvington, are cautious even after the latest developments. Reacting to President Trump’s tariff announcement this afternoon, Bobis said, “I assume he’s trying to save his own skin. The stock market was not in favor of him. The man is totally unpredictable.”
