WHAT DID YOU LEARN TODAY? WELL, THIS ANNOUNCEMENT IS, OF COURSE, A BIT OF A REPRIEVE FOR SPECIALTY STORES LIKE MOE’S HERE. THAT HAS A HIGH PERCENTAGE OF IMPORTED ITEMS. OF COURSE. STILL, THE CHINESE TARIFF THAT IS STILL IN PLACE, IT COULD HIT THEM HARD AS OTHER SPECIALTY GROCERS HOLD THEIR BREATH. EVERYWHERE YOU LOOK INSIDE MOE’S FOOD MARKET IN MILWAUKEE, THERE ARE SPECIALTY ITEMS IMPORTED FROM AROUND THE WORLD, INCLUDING CHINA. THOSE CHINESE ITEMS, INCLUDING SEAFOOD, NOODLES AND SPICES, WOULD SEE SHARP PRICE INCREASES IF PRESIDENT TRUMP’S 125% TARIFF ON CHINESE IMPORTS REMAINS IN EFFECT FOR LONG. FOOD AND LIQUOR ARE TWO HARD THINGS FOR PEOPLE TO GIVE UP, YOU KNOW THEY EAT AND DRINK WHEN THEY’RE HAPPY, THEY EAT AND DRINK WHEN THEY’RE SAD. CHRIS TENUTA IS THE THIRD GENERATION OWNER OF TENUTA’S ITALIAN DELI AND GROCERY IN KENOSHA, WHICH JUST CELEBRATED 75 YEARS. HE’S BEEN CLOSELY WATCHING AS PRESIDENT TRUMP THREATENED A 20% TARIFF ON GOODS FROM EUROPE, WHICH HE SAYS WOULD IMPACT PROBABLY HALF OF THE ITEMS IN HIS STORE. A LOT OF LIQUOR BOTTLES COME FROM EUROPE, SO THE CHEESES AND AND THE PASTAS QUITE, QUITE A BIT. I CAN’T GIVE YOU ANY DIRECT ANSWER, BUT I’D EASILY SAY 50%. TENUTA SAYS PRICE HIKES ON THE GROCERY SHELVES WILL DEPEND ON IF THE TARIFFS ON EUROPE ULTIMATELY DO GO INTO EFFECT, AND THEN HOW QUICKLY THE SUPPLIERS PASS THE INCREASES ALONG. WE MIGHT HOLD OFF A LITTLE, BUT I THINK IT’S A BIG ENOUGH FACTOR THAT IT’S HARD FOR THEM TO HOLD OFF, AND IT’S HARD FOR US TO HOLD OFF, YOU KNOW, PEOPLE THINK THERE’S A LARGE PROFIT IN THIS. YOU’D BE SURPRISED HOW LITTLE IT IS. AND ONE THING HE’S LEARNED AFTER ALL THESE YEARS IN BUSINESS, PEOPLE WILL SHOW THEIR CONFIDENCE IN THE ECONOMY, IN THE GROCERY STORE AISLES. IT’S GOING TO BE THE ECONOMY OF WHAT’S GOING ON. WHAT IF PEOPLE HAVE MONEY OR PEOPLE DON’T HAVE MONEY AND THEY WILL TIGHTEN UP? YOU KNOW, I MEAN, IT WON’T BE THE SAME. PEOPLE ARE GOING TO TIGHTEN UP, TIGHTEN YOUR BELT AND, YOU KNOW, WATCH WHAT THEY SPEND. AND, NICK, WHAT ARE SOME OF THE PRODUCTS LIKELY TO SEE THE BIGGEST IMPACT OF IF ALL THE TARIFFS ULTIMATELY GO INTO EFFECT? WELL, SEAFOOD IS A BIG ONE. THE U.S. IMPORTS NEARLY 85% OF THE SEAFOOD THAT WE EAT HERE. MANY NUTS, INCLUDING CASHEWS AND PECANS, ARE IMPORTED AS WELL. OF COURSE, COFFEE AND COCOA GROWN ALMOST ENTIRELY OUTSIDE OF THE UNITED STATES AND OTHER MAJOR IMPORTS INCLUDE A FRUIT, RICE AND OLIVE OIL. A LOT OF ITEMS ON THE LIST, A LOT OF THEM.