Hershey is urging the White House to exempt cocoa from tariffs, as escalating trade tensions threaten to raise chocolate prices. The company anticipates a $15 to $20 million impact from tariffs in the second quarter, with potential costs soaring to $100 million by the third and fourth quarters as cocoa inventories diminish. Hershey’s CEO, Michele Buck, noted the impossibility of growing cocoa in the U.S. and is lobbying for tariff relief. The company, which relies on cocoa imports from West Africa, is also affected by retaliatory tariffs from Canada, complicating its cost management amidst high cocoa prices.

Source: https://www.supplychaindive.com/news/hershey-seeking-tariff-exemption-for-cocoa/747003/