MillerCoors says beer prices could rise and workers could lose their job it the president follows through on a new tax on imported aluminum.
NEW YORK, NY - JUNE 03: Miller Lite cans on display at the Miller Lite Beer Hall, Created By MAC Presents, At Governors Ball on June 3, 2016 in New York City. (Photo by Craig Barritt/Getty Images for MAC Presents)
MillerCoors says beer prices could rise and workers could lose their job if the president follows through on a new tax on imported aluminum.
President Donald Trump announced Thursday he’s planning to impose steep tariffs on foreign steel and aluminum to protect the U.S. industry from unfair competition.
In a statement, MillerCoors called it “misguided” and says there isn’t enough domestic supply to meet the demand for its products.
House Speaker Paul Ryan said Thursday he hopes the president, “will consider the unintended consequences of the new taxes."
The impact was felt almost immediately Thursday on the stock market.
The DOW dropped more than 400 points and the NASDAQ & S&P 500 also finished lower.