MillerCoors is looking at a $40 million “hit to its bottom” as a result of tariffs on foreign steel and aluminum being imposed by the Trump administration, Brewhound reports.
According to the story, MillerCoors CEO Gavin Hattersley says that the 10 percent tariff on aluminum and 25 percent tariff on steel “will likely force the company to scale back investments and hit the pause button on hiring new employees … It could also lead to increased beer prices, he added, noting that the company’s shareholders won’t simply accept a $40 million hit to it profits.”
Craig Purser, president/CEO of the National Beer Wholesalers Association (NBWA), also is quoted as saying that wholesalers, retailers and consumers “will be forced to pay more for beer” as a result of the tariffs.
According to the story, MillerCoors CEO Gavin Hattersley says that the 10 percent tariff on aluminum and 25 percent tariff on steel “will likely force the company to scale back investments and hit the pause button on hiring new employees … It could also lead to increased beer prices, he added, noting that the company’s shareholders won’t simply accept a $40 million hit to it profits.”
Craig Purser, president/CEO of the National Beer Wholesalers Association (NBWA), also is quoted as saying that wholesalers, retailers and consumers “will be forced to pay more for beer” as a result of the tariffs.
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Get used to it. Probably going to be a more expensive summer for beer drinkers.
