As tit-for-tat tariffs take effect in major global markets, some companies are already raising prices or making business changes to cope with higher costs.
In response to Trump administration tariffs on steel and aluminum imports, Canada, Mexico and the European Union have each retaliated with duties on U.S. goods. Mexico's tariffs took effect June 5 on U.S. products such as pork, cheese, cranberries, whiskey and apples. The EU enacted tariffs Friday on more than $3 billion worth of U.S. goods including bourbon, yachts and motorcycles. Canada plans to implement tariffs on July 1 on up to roughly $12.5 billion in imports of U.S. products such as yogurt, caffeinated roasted coffee, toilet paper and sleeping bags.
The White House's stated goal in implementing tariffs is protecting U.S. jobs, but the initial business response indicates U.S. companies are taking a hit.
Here are some of the American-made goods that are being affected and the markets where their prices are going higher:
Jack Daniel's — The price of a 700 ml bottle will go up about 10 percent in the EU as a result of the bloc's tariffs on certain U.S. goods, according to a statement from parent company Brown-Forman.