Canned food companies to increase prices to combat aluminum tariffs
Companies are looking for ways to offset costs associated with President Trump's tariffs
TORONTO – Canned food companies say they are eyeing price increases to combat the effects of aluminum tariffs.
They say the 10 per cent fees that were slapped on the metal by U.S. President Donald Trump in early July are making cans more expensive and forcing them to find ways to offset the costs.
The Campbell Company of Canada says it will jack up prices by an unspecified amount in late August on a “broad” range of products.
Molson Coors Brewing Company also admitted on its most recent earnings call that it might be pushed to make a similar move because the tariffs are having a negative affect on prices.
Water and coffee services company Cott Corp. said it applied for tariff exemptions for some products. It’s also looking at alternative suppliers and is working towards “relatively modest” rent increases for the coolers it uses for product distribution.