Stock price when the opinion was issued
Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.
Companies like Unilever and Nestle are huge in NA, but huge globally as well.
We're seeing the start of an M&A boom. The street yawned when they heard about the KHC deal, yawning that the company is breaking up, spinning off a part of its grocery business, but that's dead wrong. It will keep is fastest-growing brands like Heinz Ketchup and Philly Cream Cheese. The market sees no value in slower brands like Velveeta Cheese, but that's wrong.
People are now more concerned about what they eat. This company's brands are associated with processed foods. It's not going away, but brands will have trouble growing. You'll just get the dividend unless it can come up with some new ideas. Any boom in the US will boost food stocks way less than other areas.