The infuriating reason the humble pint of Guinness is to become MORE expensive
British drinks giant Diageo is steeling itself for a hefty £111 million impact from US tariffs, despite the UK government having brokered a trade arrangement with ex-US President Donald Trump.
The Sun has been informed by the heavyweight FTSE 100 company, famed for brands like Guinness, Smirnoff, and Johnnie Walker, of an incoming ten per cent baseline duty on imports, dealing a significant blow to one of the UK's top exporters.
Chief executive Debra Crew disclosed the firm's strategies to mitigate the increased costs, which include implementing price increases in the US market. This could result in Americans forking out more to enjoy their beloved beverages.
In reaffirming their commitment to tradition, she added: "We still have no plans to offload Guinness."
It appears that Johnnie Walker, the jewel in Diageo's crown and a scotch through and through, will bear the main brunt of these new impositions.
In a recent stroke of marketing genius, the whisky titan teamed up with the smash-hit Netflix series 'Squid Game' to roll out special edition bottles, reports the Express.
This insight throws into sharp relief the ongoing contention that Sir Keir Starmer's trade deals, while beneficial to sectors like car-making, might be neglecting key exporters elsewhere.
Yet, some pressure has eased off the beverage behemoth, with the anticipated 25 per cent tariff on Mexican liquors failing to manifest—a tidbit of good news for Diageo's portfolio, which includes such names as Don Julio tequila and Crown Royal whisky.
The UK's recent trade deal with India has been hailed by Ms Crew as a significant breakthrough.
It unlocks the doors to the world's largest whisky market and comes alongside the launch of Godawan, a single malt whisky crafted by Diageo in Rajasthan, India.
In a move to beef up its financial prospects, spirits giant Diageo is committing to a plan that aims to deliver £373million in cost savings and could see less familiar labels being shed from their portfolio.
CFO Nik Jhangiani indicated that upcoming brand dismissals will be more notable than those done previously: "The dismissals would be above and beyond the small disposals seen in recent years."
Though there has been talk, Guinness remains a solid asset under Diageo's umbrella.
Experts suggest it's still at the heart of the company's plans, with Richard Hunter of Interactive Investor commenting:
"Guinness accounts for two-thirds of Diageo's beer sales and it appears this jewel in the crown is one Diageo is keen to protect."
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