While some U.S. businesses and consumers are worried about their bottom lines amid President Trump’s trade war with Canada, Mexico and China, other companies and workers are welcoming the implementation of new tariffs.
Anheuser-Busch, which owns Budweiser and Michelob among other beverages, is reportedly thrilled about extra taxes on Mexican and Canadian beers.
Most of Anheuser-Busch’s beers are made in America, so if the prices of imported brews increase, the company could theoretically sell more of its brands.
Chief financial officer Fernando Tennenbaum told Yahoo Finance last month that “any exposure to tariff is very limited.” He added that 99 percent of what the corporation sells inside the U.S. is made domestically.
New steel and aluminum tariffs go into effect tomorrow, and some executives are pointing to subsidies and lower labor costs in countries like Canada as to why the tariffs should exist. They believe these additional taxes will level the playing field.
America’s largest primary aluminum producer, Century Aluminum, applauded Trump’s initial reinstatement of a 25 percent tariff on primary aluminum imports in a news release last month.
“President Trump’s decisive action will protect national security and help level the playing field for America’s aluminum workers,” Century Aluminum CEO Jesse Gary said.
“On behalf of our employees, I thank President Trump for putting America first and strengthening the Section 232 tariffs, which will help drive the resurgence of domestic aluminum production,” Gary added.
Despite concerns about an increase in the price of cars, some are in favor of the initiative.
United Auto Workers Union president Shawn Fain told ABC News that tariffs will benefit his colleagues greatly.
“Tariffs are an attempt to stop the bleeding from the hemorrhaging of jobs in America for the last 33 years,” Fain said, referencing the North American Free Trade Agreement, which began in 1992.
“Tariffs aren’t the end solution, but they are a huge factor in creating, fixing the problem,” he added.
