Trump Tariffs Impose $350M 'Tax' On Your Beer
Oliver Willis
July 31, 2018 4:30 am
Trumps reckless choice to single-handedly launch an international trade war is about to make your beer more expensive.
According to an analysis by the Beer Institute, Trumps decision to impose tariffs on steel and aluminum will increase the annual cost of beer production in the U.S. by $347.7 million per year.
Those extra costs are very likely to be passed on to consumers and beer producers accuse Trump of effectively imposing a new tax on beer.
These tariffs on aluminum and on steel, we estimate, amount to a $350 million-dollar tax on beer brewers in the United States, Beer Institute President and CEO Jim McGreevy noted Monday on MSNBC.
These added costs will be felt industry-wide, from the largest brewers to the smallest brewers, McGreevy said and all of them will have to figure out a way to incorporate those added costs in their production.
McGreevy added that the 2.2 million jobs supported by the beer industry are also under threat thanks to Trumps trade war.
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