(Bloomberg) -- The chief executive officers of major beer makers are asking US President Joe Biden to suspend aluminum tariffs that have cost the industry more than $1.4 billion since 2018.
The beer industry uses more than 41 billion aluminum cans annually, according to a Beer Institute letter to the White House dated July 1.
“These tariffs reverberate throughout the supply chain, raising production costs for aluminum end-users and ultimately impacting consumer prices,” according to the letter signed by the CEOs of Anheuser-Busch, Molson Coors, Constellation Brands Inc.’s beer division, and Heineken USA.
This letter to the president comes amid the worst inflation in more than 40 years and just months after aluminum touched a multi-decade high. Prices for the metal have since eased significantly.
“While our industry is more dynamic and competitive than ever, aluminum tariffs continue to burden breweries of all sizes,” the letter said. “Eliminating the tariffs will alleviate pressure and allow us to continue our vital role as strong contributors to this nation’s economy.”
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