A consortium of downstream U.S. honey purchasers, including General Mills, Post Consumer Brands, Smithfield Foods and Bimbo Bakeries USA, faced supply chain concerns when presented with tariffs as high as 400% on imported honey. The color and flavor of the honey isn’t available domestically and honey with these qualities mostly comes from Vietnam. Faegre Drinker represented the consortium with additional assistance from Faegre Drinker Consulting, presenting a coordinated lobbying effort. Following meetings with the U.S. Department of Commerce, as well as interactions with members of Congress, the tariffs were decreased from 400% to amounts ranging from 58.74%-61.27%, saving our clients between $50 million and $70 million.
April 2022