“The risk for upside momentum to re-emerge in the next 2-3 months is high,” Citi analysts said, expecting cocoa prices to rise to $10,000 per ton within the next three months. Cocoa is a key ingredient in chocolate, and prices of the beloved treat have in turn been affected. 4. Fruits and vegetables A category that would be “greatly impacted” by policies proposed by U.S. President-elect Trump would be fruit and vegetables, said Bradley Rickard, a professor of food and agricultural economics in the Charles H. Dyson School of Applied Economics and Management. “And this would be further complicated if other policy changes affect the agricultural labor supply in the United States,” said Rickard. Trump recently said he will impose an additional 10% tariff on goods from China and a 25% duty for Canada and Mexico. The U.S. in particular will be hit harder. In 2022, Mexico accounted for 69% of U.S. vegetable imports and 51% of U.S. fresh fruit imports, according to latest data by the U.S. Department of Agriculture. Mexico is a key supplier of a range of produce to the United States, including avocados, tomatoes, raspberries, bell peppers, and strawberries, according to data from the University of California, Davis. “The food items that would see the biggest price increases are those that are not produced domestically,” added Rickard. When Trump takes office in January, there may be a “renewed trade war” with China, which could be very disruptive for agricultural trade, said Joseph Glauber, senior research fellow at the International Food Policy Research Institute. Soybeans, poultry and meat prices could be volatile if China retaliates, he added.