Ivory Coast signals cocoa price hike in response to US tariffs

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The Trump administration announced tariffs of 21%, the highest in West Africa, on the Ivory Coast as part of higher targeted duties on dozens of countries. Trump announced he was pausing them for 90 days.

Agriculture Minister Kobenan Kouassi Adjoumani said his country wanted Washington to reconsider the tariffs. "When you tax the product that we export to your country, we will increase the price of cocoa, and that will have a repercussion on the price to the consumer," Kouassi said.

It was not immediately clear what specific measures Kouassi was referring to. Ivory Coast does not have the ability to set the price for cocoa, which is determined by the global market.

Export taxes may be increased

However, the country could raise export taxes on cocoa to earn more revenue, making the product more expensive for consumers.

"It's the end consumer who will be harmed," Kouassi said.

Ivory Coast exports between 200,000 and 300,000 metric tonnes of cocoa to the U.S. each year, according to data from the Coffee and Cocoa Council (CCC).

Kouassi also said Ivory Coast would seek stronger ties with the European Union to ensure that "if our products are not accepted in the United States, the EU can recover all of them."