Jack Daniel's maker raising European prices to offset tariffs

Jack Daniel's maker raising European prices to offset tariffs
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The maker of Jack Daniel’s reportedly plans to rise prices for its whiskey in European markets in response to tariffs on imported U.S. whiskey.

Brown-Forman Corp. CFO Jane Morreau told reporters on a conference call the company plans to raise prices later this year in countries where tariffs were imposed, according to ABC.

The company has already increased prices in some markets.

Morreau added that the company doesn’t expect the price hikes to completely offset the tariffs. 

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“We intend to take price increases in many of the remaining markets as a result of tariffs, and we are continuing to assess the timing and amount on a market-by-market basis, while considering the impact on our business and our consumers," Morreau said, according to ABC.

"However, at this point, we do not expect that these price increases will offset the cost of the tariff itself in the interim."

Canada, China, the European Union and Mexico have imposed tariffs on U.S. whiskey and bourbon in response to President Trump's steep tariffs on steel and aluminum imports.