It remains unclear how much more consumers will pay to enjoy a can of Coke, but a Coca-Cola’s spokesperson said pricing at the store level will be determined by retailers “who have discretion in what consumers are charged on the shelf.”
Trump announced the tariffs earlier this year, as part of his promise to protect the American market from cheap imported products being dumped into the country from overseas. The tariffs target imports from the European Union, Canada and Mexico, among others.
State beverage industry officials said they fear the tariffs could have a negative impact on hiring, raise product prices, and pose long-term effects on businesses.
According to Quincey, “less trade and more tariffs will mean less economic growth in the end and that will affect Coca-Cola.”
The company’s quarterly results were better than expected, with shares growing by 53 cents.
Recent rebranding efforts by the company aimed at attracting new customers to its products bore fruit as relaunched Coca-Cola Zero Sugar continued its double digit rise in the quarter, while the company introduced its diet drinks to the overseas market, officials said.
“Clearly we are doing better with Diet Coke,” Quincey said. “We’re encouraged with our performance year-to-date as we continue our evolution as a consumer-centric, total beverage company.”