Handling gantries at the port of Beirut on March 13, 2024. (Credit: Philippe Hage Boutros/L'Orient Today)
The prices of numerous food commodities that Lebanon imports to meet its needs will not be affected "in the short term" by the new tariffs announced last week by U.S. President Donald Trump, according to the president of the Lebanese Importers' Union, Hani Bohsali. However, he did not make any predictions regarding prices in the medium term, stating that the situation remains "uncertain."
"The prices of imported food products will remain stable in the short term and have not been affected by the significant increases in tariffs imposed by the United States on goods imported into their market, nor by similar retaliatory measures taken by certain affected countries," he stated.
He added that tariffs in Lebanon, which are one of the main factors affecting import prices, have not increased and that global inflation remains moderate.
The FAO index published by the United Nations Food and Agriculture Organization for food commodity prices remained stable in March after slightly declining in February. The consumer price index (CPI) in Lebanon showed its smallest monthly increase in February since September 2024, pending March data, which is expected to be released around April 20.
Bohsali also highlighted that the currencies of the main countries from which Lebanon imports its food have not recorded excessive variations against the dollar, despite the shocks the U.S. currency has experienced on the markets since Trump's announcement on April 2.
He acknowledged, however, "things remain uncertain regarding the medium-term repercussions" of the tariffs, and "assessing the situation will take some time."
