Companies start counting potential costs of Trump's tariffs

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Companies start counting potential costs of Trump's tariffs

//business-finance.news-articles.net/content/202 .. counting-potential-costs-of-trump-s-tariffs.html

Published in Business and Finance on Tuesday, February 4th 2025 at 19:40 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Diageo warned on Tuesday of a $200 million hit to its operating profits from U.S. tariffs on Mexican and Canadian imports and German auto supplier ZF flagged price hikes, as companies start counting the likely costs of Donald Trump's trade measures.

Diageo, the world's largest spirits company, has withdrawn its medium-term sales forecast due to a significant slowdown in Latin America and the Caribbean, which was more severe than anticipated. The company, known for brands like Johnnie Walker whisky and Tanqueray gin, reported a 1.4% drop in organic net sales for the first half of its fiscal year, with a particularly sharp decline in the second quarter. This region, accounting for about 11% of Diageo's sales, experienced a 23% drop in sales due to reduced consumer spending and inventory destocking. Despite this, Diageo's CEO Debra Crew expressed confidence in the company's long-term growth prospects, supported by its diverse portfolio and strong market positions in other regions. The company also announced a share buyback program of up to $1 billion, signaling its commitment to returning value to shareholders.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/retail-consumer/diageo-withdraws-medium-term-sales-forecast-2025-02-04/ ]

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