(RNN) – Yes, it’s the real thing.
Coca-Cola said this week that it’s hiking the price of its sodas at least partly because of the tariffs imposed by President Donald Trump.
“The tariffs on the metals, it’s one of many factors [that] cost us to go out in the middle of the year and announce price increase,” Coca-Cola CEO James Quincey told CNBC.
Other factors include rising labor and transportation costs.
Quincey didn’t say how much prices would go up.
The president slapped billions of dollars in tariffs on imported goods this year, including the metals soft drink cans are made of.
The tariffs on steel and aluminum are impacting more than just the folks at Coke.
The hike in raw material costs is hurting companies that use a lot of metal, like Whirlpool, GM, Ford, and Fiat-Chrysler.
And in the end, they’ll likely be passing along those costs to consumers.
Copyright 2018 Raycom News Network. All rights reserved.
