Coca-Cola says it will raise its soda prices this year due to financial strain caused by President Trump‘s tariffs, as reported by The Hill. Last month, Trump imposed steel and aluminum tariffs on Canada, Mexico and the European Union.
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Trump’s latest tariff enforcement comes after the U.S. placed $50 billion in duties on Chinese goods earlier this year. Coca-Cola claims the rising costs of delivery and metal prices are forcing its hand on a cola price increase.
Indeed, CEO James Quincey affirms the hike’s in response to growing freight and metal fees. “There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well,” he tells the WSJ.
Quincey declined to further elaborate on the specific details regarding an imminent Coca-Cola soda price increase, according to The Hill. Many, including laborers and lawmakers, have come out against Trump’s tariffs, as noted by Politico.
Are you a Coke drinker? How do you feel about the price of Coca-Cola going up in response to Trump’s tariffs? Have you been paying attention the news of pushback surrounding the tariffs? Sound off in the comments and let us know.