World’s top cocoa producer threatens price hikes in response to US tariffs – Reuters
Ivory Coast (Cote d’Ivoire) could take measures to increase the prices of cocoa if the tariffs proposed by US President Donald Trump go into effect, Reuters reported on Thursday, citing the West African country’s agriculture minister. Last week, Trump imposed a 21% “reciprocal” tariff on goods from the world’s leading cocoa producer, the highest rate slapped on any country in West Africa. The measure, which targets dozens of Washington’s key global trade partners, is intended to address America’s trade imbalances, the US president claims. The rates had been set to go into effect on April 9, but on the day, President Trump announced a 90-day pause for all countries except China. Ivorian Agriculture Minister Kobenan Kouassi Adjoumani told reporters in the country’s capital, Abidjan, on Thursday that the government wants Washington to reconsider the tariffs. “When you tax our product that we export to your country, we will increase the price of cocoa, and that will have a repercussion on the price to the consumer,” Kouassi said, according to Reuters. “It’s the end consumer who will be harmed,” he added. According to data from the African state’s Coffee and Cocoa Council (CCC) cited by the outlet, Ivory Coast exports between 200,000 and 300,000 metric tons of cocoa to the US annually. While global markets determine cocoa prices, the country might impose higher export taxes in order to increase revenue, potentially raising chocolate prices. The former French colony’s authorities had previously announced intentions to diversify export markets following the Trump administration’s tax measures. On Thursday, Kouassi said Ivory Coast plans to strengthen bilateral ties with the European Union in order to secure alternative markets for its cocoa exports “if our products are not accepted in the United States.” The global cocoa industry is already facing challenges amid poor crops in Ivory Coast and neighboring Ghana – the world’s second-largest producer – due to extreme weather changes and cocoa-pod diseases. The price of cocoa surged in 2024 to almost $13,000 per metric ton, but have fallen more than 30% this year, according to Anadolu Agency.
Admin | 2025-04-13 22:00:47