President Donald Trump's recent decision to impose a 25% tariff on steel and aluminum imports is shaking up the U.S. market. This move could lead to higher prices for your favorite canned goods, affecting everything from your go-to soda to beloved beer brands. 🥫💸
The Can Manufacturers Institute (CMI) revealed that about 70% of the steel used in U.S. cans is imported from countries like Germany, the Netherlands, and Canada. Previously, some trading partners enjoyed duty-free quotas, but this time around, Trump is enforcing the tariffs \\"without exceptions or exemptions.\\"
Robert Budway, president of CMI, expressed concerns, stating, \\"While the president may believe that these tariffs are protecting the steel industry, they certainly are undermining our food security and our supply resiliency for American canned food, which Americans rely on every day.\\"
Even big players like Coca-Cola aren't immune. CEO James Quincey warned that prices for canned beverages might go up and hinted at a possible shift to more plastic packaging if the tariffs take effect. 🥤🔄
Local craft brewers are also feeling the pinch. The Brewers Association noted that about 75% of craft beer sales are in aluminum cans, many of which come from Canada and Mexico. With tariffs hitting steel imports hard, small breweries could see their costs rise by billions. 🍺📈
So next time you reach for that favorite canned drink, remember: tariffs might just be making it a little more expensive. Stay tuned for updates! 🔍✨
Reference(s):
Who pays for tariffs? Price of canned goods in U.S. could rise
cgtn.com
