Snowden-Fueled Trade War With Ecuador Could Raise Prices for Americans
Goods slapped with tariffs as politicians battle
Blame Edward Snowden if you soon find yourself paying more for frozen broccoli at the grocery store, or your special someone doesn't bring you roses on your anniversary.
Ecuador President Rafael Correa has been using the National Security Agency leaker's surveillance scandal as a reason to pull out of trade agreements with the United States that, until now, have kept Ecuadorian imports of frozen broccoli, canned artichokes and flowers tariff-free. But as trade agreements expire and political tensions intensify between Ecuador and the United States, the consumer may begin to feel the pinch.
As of midnight this Wednesday, frozen broccoli, canned artichokes and cut flowers from Ecuador will be subject to significant tariffs, as high as 14.9 percent for broccoli and 6.8 percent for certain types of flowers. That's when the Andean Trade Promotion and Drug Eradication Act, a trade agreement the U.S. has with Ecuador, is set to expire along with its waiver of multiple tariffs.