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Stated as firm: the White House[2] published the order "Modifying the Scope of the Reciprocal Tariff with Respect to Certain Agricultural Products" on November 14, 2025, and Hershey's statement welcoming "the Trump administration's decision to exempt cocoa" is stamped "Fri, 14 Nov 2025 16:59:00 -0500".
The executive order itself: "certain agricultural products shall not be subject to the reciprocal tariff imposed under Executive Order 14257", effective for goods entered "on or after 12:01 a.m. eastern standard time on November 13, 2025", with refunds processed by CBP.[1]
Hershey's Q3 2025 10-Q: gross margin 32.6% against 41.3% a year earlier, "driven by unfavorable commodity and tariff costs"; the company expected tariff expense to hurt full-year results.[1]
Food Dive: Hershey told retailers the week before about double-digit price increases, blaming the "unprecedented cost of cocoa" and not tariffs; it had asked the White House[2] in May to exempt cocoa from tariffs and expected tariffs to cost $15-20 million in the second quarter.
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