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Coca-Cola CEO Says Steel and Aluminum Tariffs Are Impacting Its Business

July 25, 2018, 6:54 PM UTC

Coca-Cola says that the company has started to see cost pressures from President Donald Trump’s tariffs on steel and aluminum.

In an interview on CNBC’s “Squawk on the Street” Coca-Cola CEO James Quincey said that it was seeing an increase in prices from its bottling partners in the middle of the year and that the cost of the labor for bottling is going up alongside the metal steel and aluminum price increase.

Quincey said Trump’s steel and aluminum tariffs are one of the many factors that are causing the company to announce a price increase in the middle of the year.

President Trump enacted tariffs on steel and aluminum earlier this year on a number of nations, including Mexico, Canada, and the European Union.