As per the report, the manufacturer of the renowned alcohol brand Jack Daniel is planning to increase its whiskey prices in the European market segment following the tariff imposed on the imported U.S. Whiskey.
As per ABC, “Jane Morreau, CFO of Brown-Forman Corp., told during a conference call to the reporters that the company is expecting to increase the prices in the latter half of this year in the nations where an extra tariff is imposed on the whiskey.”
The company has already made changes to its price reportedly for some nations. Morreau further said that the price increase is not intended to completely offset the imposed tariffs.
As per the ABC, Morreau said, “We are expecting to raise the price in numerous remaining market segments as an outcome of tariffs, and we will continue access the amount and timing differently for different markets, along with considering the kind of influence it has on our business and most importantly consumers.”
However, considering the current scenario, we are not at all anticipating that the increase in the prices will offset the amount of tariff itself.
The nations including China, Canada, Mexico and the European Union has imposed tariffs on the bourbon and whiskey of the US following the steep tariffs imposed by President Trump on imports of steel and aluminum.
It has been experienced for a long time that the nations are trying to impose tariffs on import. Recently the US sanctions call the nations to change their duty to the zero for pressurizing the Iranian oil market.
Then again earlier this year the commission for the US has imposed a tariff on Canadian newsprint.
All these tariffs are impacting the market and its growth both nationwide and globally, and as well have an influence on the economic growth and stability of the nation.