You are not remembering that quite correctly. A Giffen good involves two products, where one is substantially more expensive than another. I.e. Rice and Meat. An increase in the cost of rice would force poor people with limited funds to buy more rice and less meat because that's all they can afford (to compensate for less meat, they buy more rice to gain enough calories).
But in this case, it's the "meat" (i.e. chicken and pork) which would increase in price, driving people to other alternatives where possible.
I agree. It's not like people have decided to go vegan because of these tariffs. People will still want to eat their chicken/pork, even if costs a bit more.
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You are not remembering that quite correctly. A Giffen good involves two products, where one is substantially more expensive than another. I.e. Rice and Meat. An increase in the cost of rice would force poor people with limited funds to buy more rice and less meat because that's all they can afford (to compensate for less meat, they buy more rice to gain enough calories).
But in this case, it's the "meat" (i.e. chicken and pork) which would increase in price, driving people to other alternatives where possible.
BBQ Chicken: Tyson Foods Plunges Most In 20 Months And You Can Thank Trump’s Tariffs
I agree. It's not like people have decided to go vegan because of these tariffs. People will still want to eat their chicken/pork, even if costs a bit more.