Coca-Cola says it's raising soda prices after Trump tariffs

Coca-Cola says it's raising soda prices after Trump tariffs
© Getty Images

Coca-Cola Company on Wednesday said they will raise the price of their sodas this year in part because of the financial strain caused by President TrumpDonald John TrumpGrassroots America shows the people support Donald Trump Trump speaks to rebel Libyan general attacking Tripoli Dem lawmaker: Mueller report shows 'substantial body of evidence' on obstruction MORE's tariffs. 

Coca-Cola CEO James Quincey told the Wall Street Journal that they are stepping up prices in response to the rising costs of delivery and metal prices after the U.S. slapped $50 billion in duties on Chinese products earlier this year. 

ADVERTISEMENT

He declined to give further details about the price change and pointed to multiple factors influencing the change. 

“There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well,” Quincey told the Journal.

Trump in recent weeks has announced billions of dollars worth of tariffs on exports from other countries, including historic U.S. allies such as Canada and the European Union, as well as economic competitors Mexico and China. 

Many companies have come out against Trump's tariffs, claiming they are hurting manufacturers, workers and consumers. 

The Trump administration last week proposed 10 percent tariffs on an additional list of $200 billion in Chinese goods and has threatened to slap tariffs on automobiles and car parts from the EU.

In response, the targeted countries have announced steep retaliatory tariffs against U.S. goods, which have hurt U.S. industries including agriculture and manufacturing. 

Some companies have announced plans to move their production abroad to avoid the tariffs. 

The Trump administration on Tuesday announced $12 billion in aid for farmers who are being hit hard by his tariffs.  

Trump on Wednesday announced he and the EU are negotiating toward "zero tariffs" in the future.