President Donald Trump's plan to impose a 10 percent tariff on aluminum could lead to higher beer prices and job cuts, say officials at Molson Coors Brewing Co.'s U.S. division, MillerCoors.
Trump announced his tariff plan on Thursday, saying he will sign the trade measures — which also includes a 25 percent tariff on steel — next week.
Not a good idea, said the unit of Denver brewing giant (NYSE: TAP).
"We are disappointed with President Trump’s announcement of a 10 percent tariff on aluminum. Like most brewers, we are selling an increasing amount of our beers in aluminum cans, and this action will cause aluminum prices to rise. It is likely to lead to job losses across the beer industry. We buy as much domestic can sheet aluminum as is available, however, there simply isn’t enough supply to satisfy the demands of American beverage makers like us. American workers and American consumers will suffer as a result of this misguided tariff," MillerCoors officials tweeted yesterday.
Read more at the Denver Business Journal: http://bit.ly/2oJ4Wf6