The Brewers of Europe trade group warned of potential negative impacts of US President Donald Trump's 25% tariff on imported beers in a Friday statement, noting that the levy affects both the US and EU.
The trade group, whose members include Anheuser-Busch InBev (BUD) and Molson Coors Beverage (TAP), said the tariffs will mainly impact about 10,000 breweries in Europe, with value chains that cover farmers of raw materials to bar staff.
According to the Financial Times, the Brewers of Europe flagged up to 100,000 job cuts from potential brewery closures in Europe due to the levies.
In its statement, the group said it was "seeking further clarity" on the tariffs' covered products and is urging stakeholders to "de-escalate and work towards a solution" to lower the tariffs on beer.
Price: 61.78, Change: -1.13, Percent Change: -1.79
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.