• The US sourced 61% of imports from EU, Canada, Mexico and China, in 2024
• Tariffs on agriculture could lead to higher grocery store prices
• US tariffs show heavy reliance on global supply chains for apparel and footwear
• New vehicle sales feel the pressure of higher output costs

According to Euromonitor International, in 2024, the US sourced 61% of its imported goods from four markets – the EU, Canada, Mexico and China – reaching USD2.0 trillion.

Tom Rees, global insight manager for staple foods at Euromonitor said: “US shoppers are facing higher prices at the grocery store. Despite pressure on retailers to absorb any cost increases, top agricultural imports including baked goods, pasta and cereals, fruits, vegetables and beef are firmly in the firing line.

“Tariffs on agricultural inputs and finished goods are expected to increase production costs, disrupt sourcing strategies and lead to higher food prices.”

Fashion industry encounters growth despite tariff challenges

According to Euromonitor, 80% of apparel and footwear sold in the U.S. in 2024 were imports, underscoring the industry's reliance on global supply chains. Despite headwinds, global sales are projected to grow 1% in 2025. Chinese textile and fashion producers are shifting focus to Brazil, Mexico, India, and Indonesia to offset potential declines in US demand. These emerging markets, with large, young populations and rising incomes, are driving demand for affordable fashion.

Marguerite LeRolland, global insights manager for fashion at Euromonitor said: “The US market will face higher prices, supply shortages and surging demand for second-hand in the short-term, whereas globally, the Trump agenda will lead market players to diversify their sourcing and retail markets while investing in automation, AI tools and worker upskilling.”

Automotive industry faces intensifying pressure from tariffs

The US automotive industry is under growing strain as sweeping trade tariffs disrupt supply chains and inflate costs. With around 50% of passenger cars and one-third of pick-up trucks imported, tariffs on vehicles and components—some as high as 25%—could raise average prices by up to USD6,200 for pick-up trucks and USD4,300 for passenger cars.

This poses a threat to consumer demand and profit margins. Automakers are being forced to search for new opportunities and reassess production strategies, potentially diverting resources from innovation and R&D.

Justinas Liuima, global insights manager for industrial and automotive at Euromonitor said: “Trade tariffs create uncertainty for the automotive industry, while higher operating costs are expected to further pressure profit margins and inflate new vehicle prices. The long-term risk is a loss of competitiveness for US manufacturers, especially if foreign rivals are better positioned to absorb these costs.” 

Visit Euromonitor’s Trump policies insights page for more information.

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