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Canadians will likely have to pay more for some food products as grocers look at the impact of the new tariffs in an ongoing trade war and other pressures, said Loblaw Companies CEO Ltd. Galen G. Weston at a conference call with badysts Wednesday
The company pointed to new tariffs imposed by the Canadian federal government on July 1 on $ 16.6 billion of US imports. Targets include a number of food items, such as yogurt, coffee, soy sauce and mayonnaise.
It is unclear what will be the financial impact of these tariffs, the company said, and the result will depend on how the suppliers and Canadians
The increase in transportation costs and weak loonie put additional pressure on grocery and pharmacy retailer, indicating that it is forecasting upward pressure on prices
"We do not think this will make sense . Said Weston, "but it will certainly be higher than it is today.
Comments arrived after the company released its second quarter financial results.
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