U.S. President’s decision to raise aluminum tariffs influenced the cost of one Coca-Cola drink can.
Coca-Cola intends to raise the cost of its beverages due to imposition of aluminum tariffs by U.S. President Donald Trump (drink cans are made of this material), CEO James Quincey told CNBC News.
Quincey emphasized that such practice for Coca-Cola is quite “unusual” in the mid-year.
“However, the price of steel and aluminum increases. So does the price of labor”, the CEO noted.
Quincey did not specify when exactly and by how much the beverage price will increase. He did not tell either whether this decision will affect foreign markets or just U.S.
It should be reminded that in late March, U.S. imposed steel and aluminum tariffs, amounting to 25% and 10% respectively. For Canada, Mexico and EU, they were suspended and started operating from June 1.
