Coca-Cola Announces First Big Hit of Trump Tariffs
July 27, 2018
Coca Cola's CEO, James Quincey, reported that the beverage giant would pass along the effects from the Trump Administration's tariffs onto consumers.
While Coca Cola reported impressive growth and strong earnings earlier this week, the giant beverage company, who appears in Food Processing's Top 100 list each year, is not immune to the effects of the Trump Administration's trade war.
James Quincey, CEO, said in a report to the Wall Street Journal that Coca Cola would be raising the prices of its carbonated drinks in the middle of the year.
This comes as a result of higher costs, particularly higher freight and metal costs, after the U.S. put tariffs on Chinese imports in the last several months. Quincey expected the bottlers and retailers to pass along the higher prices to consumers in the near future.
Food Processing will reveal its Food Processing Top 100™ list in the next week. Be sure to visit us again to find out who the top food and beverage companies in the U.S. in Canada are.
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