Imported baby formula to face US tariffs again in 2023 - WSJ
Dec. 28, 2022 11:45 AM ETAbbott Laboratories (ABT), NSRGY, PRGO, NSRGFRBGPF, RBGLYBy: Jonathan Block, SA News Editor9 Comments
Scott Olson
- After getting a reprieve during much of 2022 due to a shortage of baby formula in the US, imports will again be subject to tariffs in the new year, The Wall Street Journal reported.
- Congress voted in September to waive tariffs on baby formula through Jan. 6, 2023 to boost supplies.
- The tariffs can reach 17.5%.
- Citing data from market-research firm IRI, the newspaper market-research company IRI, out-of-stock levels were 14% in October compared to 30% in July.
- Baby formula makers: Abbott (NYSE:ABT), Reckitt Benckiser (OTCPK:RBGPF) (OTCPK:RBGLY), Perrigo (NYSE:PRGO), and Nestle's Gerber division (OTCPK:NSRGY) (OTCPK:NSRGF).
- In early December, Reckitt Benckiser (OTCPK:RBGPF) (OTCPK:RBGLY) predicted the formula shortage will last until spring.