"It's Diwali season - a five-day period when Hindus around the world commemorate the triumph of light over darkness on the Indian subcontinent centuries ago. But the colorful Diwali celebrations held annually in Indian-American communities throughout the United States are more muted this year compared to the past. The reason? Prices on everything from saris to spices have skyrocketed since August 27."
"That was the day President Trump imposed 50% tariffs on goods imported from India. The tariffs are pounding the hundreds of South Asian-themed stores here in Iselin and in neighboring Edison, which collectively represent "Little India." On a recent tour along the area's Oak Tree Road (the subject of an Emmy-nominated documentary directed by Indian-American journalist Rohit Vyas and his daughter Aditi), store owners shared their tariff-induced tales of woe."
"At Subzi Mandi, a South Asian supermarket, a manager says the store has been "empty" since the tariffs were imposed, with sharp declines in buying of rice, flour, oil, and noodles. "People are not shopping the way they used to," he says, noting less foot traffic in the store, with customers only purchasing what they need day-to-day, not in bulk."
Diwali celebrations in Indian-American communities are subdued because of steep price increases after 50% tariffs on goods imported from India were imposed on August 27. The tariffs hit Iselin and Edison’s Little India retailers, raising costs across clothing, spices, and jewelry. Supermarket managers report empty aisles and sharp declines in purchases of rice, flour, oil, and noodles, with customers buying only essentials. Jewelers report nearly 40% price increases tied to a gold surge from $3,382 to over $4,200 per ounce, and a 60–70% drop in gold sales as buyers favor single pieces over sets. Store owners along Oak Tree Road report significant tariff-induced losses and reduced Diwali spending.
Read at Fortune
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