IE 11 is not supported. For an optimal experience visit our site on another browser.

Here's why your olive oil, wine and cheese could start costing more money

It might be time to start rethinking that summer dinner party menu. Wine, cheese and other products from Europe could get pricey if newly proposed tariffs kick in.
wine and cheese tariff
Getty Images
/ Source: TODAY

You may want to start stockpiling your favorite Greek olive oil or French cheeses.

A proposal from the president to impose tariffs on European products could make some popular party foods more pricey for American consumers.

On Tuesday, President Donald Trump tweeted his administration would put tariffs on $11 billion of European products.

wine and cheese tariff
A potential $11 billion tariff on European products could affect your grocery bill for items like cheese, wine, olive oil and more.Getty Images

That means scores of our tastiest foods could be impacted, including wine, French and Swiss cheeses like Roquefort and Gruyere, olives and olive oil, certain types of seafood, fruits, juices and even kitchen knives, according to a list put out by the U.S. Trade Representative.

As if a potential avocado shortage wasn't enough!?

olive oil
A tariff on European imports could affect prices of olive oil.Shutterstock

Trump announced the levies as a response to the EU's aid to European aerospace company Airbus, subsidies he says are harmful to the U.S.

It wasn't immediately clear how the tariffs, essentially taxes on imported goods, would effect food sellers or your grocery bill.

But past tariff threats, like the one against China last year, had retailers like Walmart and Target hoarding foreign-made goods before they became more expensive.

But before you begin stocking a bomb shelter full of your favorite Italian reds and imported olives, remember there are still plenty of fruits, vegetables, cheeses and wines grown and crafted in the U.S.

And with spring in bloom and summer around the corner, farmers' markets will be fully stocked!

As a backup plan, maybe Oprah will buy a vineyard (in addition to her recent avocado orchard) and let all her fans drink for free!