Stakes remain high for economies over the outlook of the fast-approaching US elections
NEW YORK CITY, USA - MARCH 29, 2020: Trump Tower building in New York City, NY, USA
While politics and confectionery may not instinctively seem like obvious bedfellows, but it’s actually the case that as far as supply chains are concerned at least, there’s an awful lot of behind the scenes agreements that are part and parcel of our global sweets and snacks world.
Perhaps the biggest conversation politically right now is the expected outcome of the US elections, which seem on an knife edge with the country seemingly split down the middle as to what it will opt for.
It seems voters have a somewhat stark choice for an entrepreneur in the form of Trump representing the Republican party seeking a return to the White House on the grounds that he ‘never lost the election in 2020,’ and the present Democrat establishment, which has undergone a new lease of life under the mantle of Kamala Harris. She has ably taken on the reins from Joe Biden, who at 81, stepped aside this summer as health concerns surrounded his campaign for re-election, and created a near unprecedented situation of potentially altering the course of the election with her introduction at the 11th hour.
Why does and should this matter to us all? Well, Trump, as he described earlier this week in a key economic interview with Bloomberg, stated that he ‘loves tariffs’ – which despite the interviewer explaining this was extremely likely to lead to higher prices for American shoppers should imports be slapped with major taxes, believes that America will be even greater again for this being a pillar of his policies.
If that comes to pass, then many sectors, including core confectionery ingredients of cocoa and sugar will be destined to be negatively impacted by such taxation – which is not being targeted to the same degree by his election opponent, Kamala Harris, who has sounded a more measured tone with her general economic policies.
So when Americans head to the polls in just 14 days time on 5 November (some have already voted in advance), there really will be a huge amount on the line for a raft of industries – the sweets and snacks sector is presently in buoyant condition in the US in spite of background tests to the sector, and worth some $48 billion annually, so in whose political leadership will it be in just a few weeks’ time? It’s hard to navigate the outcome, though it is clear that the stakes are exceptionally high in terms of how the US is anticipated to carry out its trade relations with the rest of the world. We shall soon find out the outcome.
Neill Barston, editor, Confectionery Production
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