Rolling coverage of the latest economic and financial news, as Trump delays tariffs on Canada and Mexico, and China hits back with its own sanctions
Drinks giant Diageo has warned that its profits will be hit if the US imposes tariffs on imports from Canada and Mexico.
Diageo withdrew its medium-term profit guidance this morning, blaming “the current macroeconomic and geopolitical uncertainty” in many of its key markets, which are slowing its recovery plan.
Diageo has anticipated and planned for a number of potential scenarios regarding tariffs in recent months. The confirmation at the weekend of the implementation of tariffs in the US, whilst anticipated, could very well impact this building momentum. It also adds further complexity in our ability to provide updated forward guidance given this is a new and dynamic situation.
We are taking a number of actions to mitigate the impact and disruption to our business that tariffs may cause, and we will also continue to engage with the US administration on the broader impact that this will have on everyone supporting the US hospitality industry, including consumers, employees, distributors, restaurants, bars and other retail outlets.
Continue reading…Rolling coverage of the latest economic and financial news, as Trump delays tariffs on Canada and Mexico, and China hits back with its own sanctionsChina announces retaliatory tariffs moments after US levies take effect – liveDrinks giant Diageo has warned that its profits will be hit if the US imposes tariffs on imports from Canada and Mexico.Diageo withdrew its medium-term profit guidance this morning, blaming “the current macroeconomic and geopolitical uncertainty” in many of its key markets, which are slowing its recovery plan.Diageo has anticipated and planned for a number of potential scenarios regarding tariffs in recent months. The confirmation at the weekend of the implementation of tariffs in the US, whilst anticipated, could very well impact this building momentum. It also adds further complexity in our ability to provide updated forward guidance given this is a new and dynamic situation.We are taking a number of actions to mitigate the impact and disruption to our business that tariffs may cause, and we will also continue to engage with the US administration on the broader impact that this will have on everyone supporting the US hospitality industry, including consumers, employees, distributors, restaurants, bars and other retail outlets. Continue reading…
