Latest news with #DistilledSpiritsCouncil
Miami Herald
23-04-2025
- Business
- Miami Herald
Popular liquor brand files for Chapter 11 bankruptcy
The U.S. spirits industry is warning that tariffs on spirits would further curtail industry growth after a year when revenues declined. The industry maintained its market share but had a decline in revenues last year, the Distilled Spirits Council of the U.S. reported in its annual economic briefing in February. Spirits supplier sales declined 1.1% in 2024, totaling $37.2 billion, but volumes rose by 1.1% to 312.2 million 9-liter cases. Don't miss the move: Subscribe to TheStreet's free daily newsletter The spirits industry, however, maintained its market share lead for the third straight year with a 42.2% share of the alcoholic beverage market in 2024. Related: Struggling whiskey company closes operations, no bankruptcy yet "While the spirits industry has proven to be resilient during tough times, it is certainly not immune to disruptive economic forces and marketplace challenges, and that was definitely the case in 2024," Chris Swonger, CEO of the Distilled Spirits Council, said. Despite volumes rising and the spirits industry maintaining its leading market share, several spirits companies have filed for bankruptcy over the last year. Colorado-based Lee Spirits Co., a distiller of premium gin, vodka and liqueurs, on March 8, 2024, filed for Chapter 11 bankruptcy after shutting down all operations four days earlier, including its Colorado Springs tasting room, Brooklyn's on Boulder Street. Montana Distillery, which produces a dozen varieties of vodka, gin, and whiskey, on April 29, 2024, filed for Chapter 11 bankruptcy four years after relocating to another city to hopefully cut expenses and survive. Huge vodka distiller Stoli USA on Nov. 27, 2024, filed for Chapter 11 bankruptcy after financial distress led to a default on $78 million in secured debt owed to Fifth Third Bank NA. Spirits distillers continued filing for bankruptcy in 2025, as well. Craft spirits producer Boston Harbor Distillery, which makes whiskey, rum. gin, liqueurs, and distilled beer, filed for Chapter 11 bankruptcy protection on March 31, 2025, seeking to reorganize its business. Shortly after that filing, popular high-end whiskey brand Westward Whiskey filed for Chapter 11 bankruptcy on April 6 to reorganize its business, facing significant liquidity popular craft liquor brand Dashfire LLC, which manufactures a variety of spirits, canned cocktails, coffee liquors, cocktail bitters, and THC coolers, filed for Chapter 11 bankruptcy protection to reorganize its business. Related: Another popular whiskey brand files for Chapter 11 bankruptcy Dashfire and two affiliates listed up to $50,000 in assets and $1 million to $10 million in debts in its Subchapter V petition, filed on April 22 in the U.S. Bankruptcy Court for the District of Minnesota. More bankruptcies: Popular restaurant and bar chain files for Chapter 11 bankruptcyPopular athletic shoe chain files for Chapter 11 bankruptcyAward-winning cosmetics brand files for Chapter 11 bankruptcy The debtor did not list a specific reason for filing for bankruptcy in its petition. The Minneapolis-based spirits manufacturer's creditors include JGS Management LLC, which is related to its lease; the Internal Revenue Service; the Minnesota Department of Revenue; Live Oak Banking Co.; and the U.S. Small Business Administration. Dashfire was established in 2013 by founder Lee Egbert focusing on cocktail bitters, then expanding into cocktails, spirits and coffees. Its barrel-aged bitters include 21 different flavors, including its signature Dashfire Vintage Orange Bitters. The distiller's spirits include Orange Bourbon Liqueur and Elegant Elderflower Liqueur, while its ready-to-drink canned cocktails feature 12 varieties, including Old Fashioned, Manhattan, Martini, Martinez, El Presidente, White Russian, Classic Negroni, Espesso Martini, Bramble, Florida Mule, Salty Dog, and Margarita. Dashfire's coffee liquors include Rum Golden Latte, Bourbon Cold Brew Coffee, and Rum Cafe Mocha. Its THC coolers include Dark Cherry & Juniper Bramble THC Cooler and Spicy Passion Fruit Margarita THC Cooler. Related: Popular whiskey brand files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Forbes
22-04-2025
- Business
- Forbes
Tariffs Are Already Hurting Tequila Producers And Importers
Talk of tariffs has already destabilized the tequila industry. If the tariffs go into effect, some experts predict the economic harm won't be limited to agave farmers and tequila producers. When it comes to tequila and tariffs, talk has not been cheap. In March, the Trump administration briefly instated a 25% tariff on Mexico. Though it was soon temporarily suspended, this move and discussions around future tariffs have already had a negative impact on the tequila industry. Amanda Blue, president of the Tasting Alliance, which runs the San Francisco World Spirits Competition and several other popular spirits competitions, says many tequila producers she interacts with are not happy. 'There's a mass amount of uncertainty and a lot of general resentment towards American leadership,' she says. Tequila and other types of mezcal are the second-best-selling spirit in the U.S. according to the Distilled Spirits Council. The Council's annual report noted that in 2024, tequila and mezcal sales were up 2.9% and totaled $6.7 billion — only vodka sold more. However, since President Donald Trump's tariff proposals gained serious traction, many tequila producers have canceled expansion plans and product launches and are rethinking marketing strategies. Andrew Muhammad, an economics professor at the Institute of Agriculture at the University of Tennessee, believes its possible some tequila producers might focus on distributing their products outside of the U.S. 'Companies need stability in supply chains, and they need stability in trade policy,' he says. 'This type of uncertainty that says at any given moment your product can face not just tariffs, but tariffs out of nowhere at the whim of leadership, it makes you say, 'Well, the European market is stable, and maybe their customers will be willing to pay this extra price for transport.' Near Puerto Vallarta, Jalisco, Mexico —- Wall of different tequila bottles at Mister Tequila tasting gallery —- Image by © Holger Leue/Corbis 'If tariffs are imposed immediately, we'll likely see a price reaction on the shelves. We could be talking about increases of up to 10 percent for tequila in an extreme case,' Laura Noguera a tequila expert and judge who lives in Mexico City. She adds, consumers in the U.S. may also have fewer tequila and mezcal varieties to choose from. 'Tariffs could affect the quantity and competitiveness of tequila exported to the United States, the main market for this spirit, and many brands would be affected, especially artisanal and low-production tequilas.' Talk of more significant U.S. tariffs is not just disrupting tequila. Blue has heard from global spirits producer who have now decided to skip attempting distribution to the U.S. 'They are trying to refocus their efforts on other countries where it's easier to deal with the distribution system and not as expensive,' she says. Tequila producers might employ a similar strategy long-term, but it's a less palatable move for them in the interim. 'There's not a real appetite yet for tequila in Europe,' Blue says. 'America really is the market that they need to break into, so they're really stuck in a hard place.' Sales of tequila at bars, restaurants and liquor stores could be impacted by proposed tariffs on the spirit. Consumers and producers in Mexico are not the only ones who will be impacted. Based on a 25% tariff rate that Trump initially proposed, Muhammad estimates that tequila importers will lose $800 million in trade. This number doesn't even take into account potential losses faced by middleman distributors, bars and restaurants. 'So there's a lot of economic value-added activity that we will also lose that's not captured in just the trade loss,' Muhammed says. The Trump administration has claimed the tariffs will generate revenue for the U.S. government, but Muhammed's research suggests these gains will not outweigh the costs to businesses and consumers in general. Tequila is a particularly unusual item to receive significant tariffs because it cannot be produced in the U.S. and can only be made in select regions of Mexico. 'The whole point of tariffs is to encourage domestic production,' Muhammed says. 'One of the things I think we often lose sight of is imports are a function of our consumption exceeding what we're able to produce, as well as a function of our taste exceeding what we're able to produce.'
Yahoo
02-04-2025
- Business
- Yahoo
Trump tariffs live updates: Trump reveals 'Liberation Day' tariffs across over 150 countries
President Trump ended months of suspense Wednesday by revealing broad reciprocal duties on all US trade partners, in what he has referred to as "Liberation Day." Trump announced plans to impose a baseline tariff of 10% across all countries, upping those duties for various partners whom he described as bad actors. Here's a sampling of some countries' rates set to go into effect: The moves Wednesday are the latest escalation of a trade war that also includes plans to impose 25% tariffs on all foreign-made vehicles this week. Here's a rundown of other tariff-related moves Trump has made in his first months in office. Steel and aluminum: A 25% US tariff on imports of steel and aluminum from all countries took effect on Wednesday, March 12. Canada and Mexico: The US paused tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. It's unclear whether that has been extended, but both countries were notably not singled out Wednesday. Venezuela: Trump said the US will impose a "secondary tariff" on Venezuela, to take effect on April 2 — any country that buys oil or gas from Venezuela would face a 25% tariff when trading with the US. Read more: What are tariffs, and how do they affect you? According to a White House fact sheet, the baseline 10% tariff rate against all countries will go into effect on April 5 at 12:01 a.m. ET. The individualized higher tariffs based on US trade deficits will take effect on April 9 at 12:01 a.m. ET. Nothing to toast tonight if you are a liquor maker. The reaction from the main trade association the Distilled Spirits Council: President Trump outlined reciprocal tariff rates on countries around the world, ranging from 10% on imports from many nations to 50% on goods from Lesotho. Countries will face a US tariff rate at half the level they charge the US, as deemed by the White House, with a minimum tariff rate of 10%. Trump noted that this calculation includes non-monetary trade barriers and currency manipulation. Auto tariffs will go into effect tomorrow as planned. Trump stayed mum on duties on pharmaceuticals, copper, chips, and lumber during his remarks. Below are the 185 tariff rates the president announced: Shortly after announcing sweeping reciprocal tariffs, President Trump touted the domestic investments from Big Tech as companies like Apple (AAPL), Nvidia (NVDA), and others pledge billions to expand their respective footprints in the United States. "Apple is going to spend $500 billion. They never spent money like that here," Trump said, referencing the company's plans to invest in its US operations over the next four years, which will include plans to build a new manufacturing factory, double its advanced manufacturing fund, and hire 20,000 people. Trump added that Apple's investment will be matched by Oracle (ORCL), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) — a nod to the $500 billion 'Stargate' AI venture announced earlier this year. At the time, Trump claimed the venture would create "over 100,000 American jobs almost immediately." Plus, "Nvidia, a hot company, is investing hundreds of billions of dollars" into the US supply chain, Trump said. And "TSMC — the biggest and most important company in the world of chips from Taiwan — with no investment from us, is investing $200 billion." TSMC (TSM) announced last month that it plans to invest an additional $100 billion in advanced semiconductor manufacturing in the US. This is in addition to its ongoing $65 billion investment in its manufacturing operations in Phoenix, Ariz. "They said the reason was No. 1, the election on Nov. 5. And No. 2, the tariffs," Trump said. "They don't want to pay the tariffs. And the way they're not paying it is to build their plants here." Semiconductor stocks dropped in after-hours trading on the heels of Trump's address, echoing the broader markets. President Trump unveiled a two-step tariff approach on Wednesday: All countries will face a baseline 10% US tariff, and those with higher trade barriers against the United States will face additional tariffs. Yahoo Finance's Ben Werschkul reports that Wednesday's announcement marks a middle ground between competing approaches that the president had been weighing in recent weeks. Trump stated he could have gone higher during a Rose Garden event at the White House. "The tariffs will be not a full reciprocal," he said. "I could have done that, yes, but it would have been tough for a lot of countries who didn't want to do that." Ben writes: Read more here. Stocks sold off in after-hours trading as President Trump announced reciprocal tariffs to US trading partners. The Information Technology (XLK) and Consumer Discretionary (XLY) led the sell-off, both falling about 3% in post-market trading. Market leading stocks such as Nvidia (NVDA), Amazon (AMZN) and Tesla (TSLA) were all down 4% or more. Both Amazon and Tesla are members of the consumer discretionary sector and had helped stocks close higher on Wednesday headed into the announcement. Below is a look at the sector action in after hours trading. The team at the Cato Institute weighing in on President Trump's new tariffs — calling them a "tax": President Trump announced on Wednesday the US will be placing a "baseline" 10% tariff on trade partners. Trump noted the reciprocal tariffs will be "half" of what they could be. "The tariffs will be not a full reciprocal," Trump said. "I could have done that, yes, but it would have been tough for a lot of countries." The 10% is a baseline. While running through a large board with each country sectioned out, Trump listed out tariffs for each country. The list includes 20% tariffs on the European Union, 34% tariffs on China, 46% tariffs on Vietnam, and 24% tariffs on Japan. The US will place 25% tariffs on all foreign-made automobiles effective at 12:01 a.m. on April 3, President Trump announced on Wednesday. This confirms the 25% duties Trump had announced last week. Read more about the impact of the 25% auto tariffs from Yahoo Finance's Pras Subramanian here. "Liberation Day" has arrived after weeks of deliberation over the next step in President Trump's trade agenda. You can watch a livestream of the president's remarks and tariff announcement below. The event is set to begin at 4 p.m. ET at the Rose Garden. At stake is how the president plans to implement reciprocal tariffs on the rest of the world. Several proposals have emerged, including blanket 20% tariffs on all countries; tariff bands of 10%, 15%, and 20%; and a country-by-country approach. Treasury Secretary Scott Bessent reportedly said Tuesday that the tariff rates announced Wednesday would take effect immediately and would serve as a ceiling that countries could negotiate down. We're watching for other tariff announcements as well. These include the reinstatement of full 25% tariffs on goods from Mexico and Canada and some sector-specific duties that Trump has teased on items like lumber and pharmaceuticals. The Trump administration is also reportedly seeking to roll back the tariff exemption on cheap goods from China that was previously paused. Later this week, new 25% auto tariffs and 'secondary tariffs' on Venezuela are set to begin. Stocks veered higher in the final hour of trading Wednesday as markets awaited the big tariff reveal. Investors will soon find out whether the stock market has discounted Trump's tariff promises. The S&P 500 (^GSPC) added 0.6%, the Dow Jones Industrial Average (^DJI) rose 0.5%, and the Nasdaq Composite (^IXIC) popped about 0.8% after all three indexes started the day in the red. Big Tech names in the Consumer Discretionary (XLY) sector led the way. Small caps, which tend to be more exposed to the US market, gained in anticipation of broad like-for-like tariffs, with the Russell 2000 (^RUT) climbing more than 1%. Bitcoin (BTC=F) and gold (GC=F) also added to weekly gains, while the 10-year Treasury yield (^TNX) moved off a recent six-month low. Read more about today's market action. President Trump is considering revoking tariff exemptions on small-value imports from China, a source familiar with the matter told Reuters. On Feb. 4, Trump moved to end duty-free entry of cheap goods from China. For years, duties on items worth less than $800 were waived due to a de minimis exemption, a loophole that fueled the rise of Chinese discount retailers Temu and Shein. However, on Feb. 7, US officials paused the decision to end that exemption due to the logistical chaos that ensued as small-value packages piled up at customs. Now, the administration has figured out how to implement the policy, Reuters reported, and it plans to follow through with stripping the de minimis exemption from Chinese imports. Read more here. Gas prices are making their seasonal climb, with the national average touching its highest level since September as a more expensive summer blend of driving fuel kicks in But the outlook going into the summer travel season could depend on today's tariff announcements and how a transformed trade environment will affect growth — and, therefore, oil prices. Yahoo Finance's Ines Ferré reports: Read more here. Yahoo Finance's Brian Sozzi writes: Read more here. Speculation about midterm elections has started to pick up as President Trump launches his trade agenda into high gear and Republicans watch to see whether consumers will tolerate higher tariffs. As Yahoo Finance's Ben Werschkul reports, there is concern from Republicans that they could be headed for a rerun of the 2018 midterm election cycle, when the GOP lost over 40 House seats amid Trump's first wave of tariffs. He writes: Read more here. The US Commerce Department revised President Trump's 25% tariffs on derivative aluminum products to include all beer and empty aluminum can imports. The department said in a Federal Register notice that duties on these products would be collected starting at 12:01 a.m. EDT on Friday, April 4. The revisions to Trump's prior notice list the tariff code for beer made from malt, 2203.00.00, in the notice, as well as the empty aluminum cans under 20 liters code, 7612.90.10, per Reuters. The European Union is preparing emergency plans to bolster parts of the economy should they be hit hard by President Trump's tariff agenda. Bloomberg reports: Read more here. Mexican President Claudia Sheinbaum said on Wednesday that Mexico doesn't intend to engage in a retaliatory trade war with the US as President Trump is set to unveil a sweeping new program of tariffs this afternoon. Sheinbaum said she will "announce a comprehensive program, not a tit-for-tat on tariff," according to Reuters, with more details to come on Thursday. Sheinbaum and Canada's Prime Minister Mark Carney spoke on Tuesday to discuss their countries' plans to address escalating trade tensions. "With challenging times ahead, Prime Minister Carney and President Sheinbaum emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation," Carney's office said in a statement, per Reuters. BCA Research chief strategist Peter Berezin suggests investors should brace for a leaner stock market and economy as Trump tariffs and retaliations from trading partners like Canada, Europe, and China take hold. Yahoo Finance's Brian Sozzi reports: Read more here. Bloomberg reports: Read more here. According to a White House fact sheet, the baseline 10% tariff rate against all countries will go into effect on April 5 at 12:01 a.m. ET. The individualized higher tariffs based on US trade deficits will take effect on April 9 at 12:01 a.m. ET. Nothing to toast tonight if you are a liquor maker. The reaction from the main trade association the Distilled Spirits Council: President Trump outlined reciprocal tariff rates on countries around the world, ranging from 10% on imports from many nations to 50% on goods from Lesotho. Countries will face a US tariff rate at half the level they charge the US, as deemed by the White House, with a minimum tariff rate of 10%. Trump noted that this calculation includes non-monetary trade barriers and currency manipulation. Auto tariffs will go into effect tomorrow as planned. Trump stayed mum on duties on pharmaceuticals, copper, chips, and lumber during his remarks. Below are the 185 tariff rates the president announced: Shortly after announcing sweeping reciprocal tariffs, President Trump touted the domestic investments from Big Tech as companies like Apple (AAPL), Nvidia (NVDA), and others pledge billions to expand their respective footprints in the United States. "Apple is going to spend $500 billion. They never spent money like that here," Trump said, referencing the company's plans to invest in its US operations over the next four years, which will include plans to build a new manufacturing factory, double its advanced manufacturing fund, and hire 20,000 people. Trump added that Apple's investment will be matched by Oracle (ORCL), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) — a nod to the $500 billion 'Stargate' AI venture announced earlier this year. At the time, Trump claimed the venture would create "over 100,000 American jobs almost immediately." Plus, "Nvidia, a hot company, is investing hundreds of billions of dollars" into the US supply chain, Trump said. And "TSMC — the biggest and most important company in the world of chips from Taiwan — with no investment from us, is investing $200 billion." TSMC (TSM) announced last month that it plans to invest an additional $100 billion in advanced semiconductor manufacturing in the US. This is in addition to its ongoing $65 billion investment in its manufacturing operations in Phoenix, Ariz. "They said the reason was No. 1, the election on Nov. 5. And No. 2, the tariffs," Trump said. "They don't want to pay the tariffs. And the way they're not paying it is to build their plants here." Semiconductor stocks dropped in after-hours trading on the heels of Trump's address, echoing the broader markets. President Trump unveiled a two-step tariff approach on Wednesday: All countries will face a baseline 10% US tariff, and those with higher trade barriers against the United States will face additional tariffs. Yahoo Finance's Ben Werschkul reports that Wednesday's announcement marks a middle ground between competing approaches that the president had been weighing in recent weeks. Trump stated he could have gone higher during a Rose Garden event at the White House. "The tariffs will be not a full reciprocal," he said. "I could have done that, yes, but it would have been tough for a lot of countries who didn't want to do that." Ben writes: Read more here. Stocks sold off in after-hours trading as President Trump announced reciprocal tariffs to US trading partners. The Information Technology (XLK) and Consumer Discretionary (XLY) led the sell-off, both falling about 3% in post-market trading. Market leading stocks such as Nvidia (NVDA), Amazon (AMZN) and Tesla (TSLA) were all down 4% or more. Both Amazon and Tesla are members of the consumer discretionary sector and had helped stocks close higher on Wednesday headed into the announcement. Below is a look at the sector action in after hours trading. The team at the Cato Institute weighing in on President Trump's new tariffs — calling them a "tax": President Trump announced on Wednesday the US will be placing a "baseline" 10% tariff on trade partners. Trump noted the reciprocal tariffs will be "half" of what they could be. "The tariffs will be not a full reciprocal," Trump said. "I could have done that, yes, but it would have been tough for a lot of countries." The 10% is a baseline. While running through a large board with each country sectioned out, Trump listed out tariffs for each country. The list includes 20% tariffs on the European Union, 34% tariffs on China, 46% tariffs on Vietnam, and 24% tariffs on Japan. The US will place 25% tariffs on all foreign-made automobiles effective at 12:01 a.m. on April 3, President Trump announced on Wednesday. This confirms the 25% duties Trump had announced last week. Read more about the impact of the 25% auto tariffs from Yahoo Finance's Pras Subramanian here. "Liberation Day" has arrived after weeks of deliberation over the next step in President Trump's trade agenda. You can watch a livestream of the president's remarks and tariff announcement below. The event is set to begin at 4 p.m. ET at the Rose Garden. At stake is how the president plans to implement reciprocal tariffs on the rest of the world. Several proposals have emerged, including blanket 20% tariffs on all countries; tariff bands of 10%, 15%, and 20%; and a country-by-country approach. Treasury Secretary Scott Bessent reportedly said Tuesday that the tariff rates announced Wednesday would take effect immediately and would serve as a ceiling that countries could negotiate down. We're watching for other tariff announcements as well. These include the reinstatement of full 25% tariffs on goods from Mexico and Canada and some sector-specific duties that Trump has teased on items like lumber and pharmaceuticals. The Trump administration is also reportedly seeking to roll back the tariff exemption on cheap goods from China that was previously paused. Later this week, new 25% auto tariffs and 'secondary tariffs' on Venezuela are set to begin. Stocks veered higher in the final hour of trading Wednesday as markets awaited the big tariff reveal. Investors will soon find out whether the stock market has discounted Trump's tariff promises. The S&P 500 (^GSPC) added 0.6%, the Dow Jones Industrial Average (^DJI) rose 0.5%, and the Nasdaq Composite (^IXIC) popped about 0.8% after all three indexes started the day in the red. Big Tech names in the Consumer Discretionary (XLY) sector led the way. Small caps, which tend to be more exposed to the US market, gained in anticipation of broad like-for-like tariffs, with the Russell 2000 (^RUT) climbing more than 1%. Bitcoin (BTC=F) and gold (GC=F) also added to weekly gains, while the 10-year Treasury yield (^TNX) moved off a recent six-month low. Read more about today's market action. President Trump is considering revoking tariff exemptions on small-value imports from China, a source familiar with the matter told Reuters. On Feb. 4, Trump moved to end duty-free entry of cheap goods from China. For years, duties on items worth less than $800 were waived due to a de minimis exemption, a loophole that fueled the rise of Chinese discount retailers Temu and Shein. However, on Feb. 7, US officials paused the decision to end that exemption due to the logistical chaos that ensued as small-value packages piled up at customs. Now, the administration has figured out how to implement the policy, Reuters reported, and it plans to follow through with stripping the de minimis exemption from Chinese imports. Read more here. Gas prices are making their seasonal climb, with the national average touching its highest level since September as a more expensive summer blend of driving fuel kicks in But the outlook going into the summer travel season could depend on today's tariff announcements and how a transformed trade environment will affect growth — and, therefore, oil prices. Yahoo Finance's Ines Ferré reports: Read more here. Yahoo Finance's Brian Sozzi writes: Read more here. Speculation about midterm elections has started to pick up as President Trump launches his trade agenda into high gear and Republicans watch to see whether consumers will tolerate higher tariffs. As Yahoo Finance's Ben Werschkul reports, there is concern from Republicans that they could be headed for a rerun of the 2018 midterm election cycle, when the GOP lost over 40 House seats amid Trump's first wave of tariffs. He writes: Read more here. The US Commerce Department revised President Trump's 25% tariffs on derivative aluminum products to include all beer and empty aluminum can imports. The department said in a Federal Register notice that duties on these products would be collected starting at 12:01 a.m. EDT on Friday, April 4. The revisions to Trump's prior notice list the tariff code for beer made from malt, 2203.00.00, in the notice, as well as the empty aluminum cans under 20 liters code, 7612.90.10, per Reuters. The European Union is preparing emergency plans to bolster parts of the economy should they be hit hard by President Trump's tariff agenda. Bloomberg reports: Read more here. Mexican President Claudia Sheinbaum said on Wednesday that Mexico doesn't intend to engage in a retaliatory trade war with the US as President Trump is set to unveil a sweeping new program of tariffs this afternoon. Sheinbaum said she will "announce a comprehensive program, not a tit-for-tat on tariff," according to Reuters, with more details to come on Thursday. Sheinbaum and Canada's Prime Minister Mark Carney spoke on Tuesday to discuss their countries' plans to address escalating trade tensions. "With challenging times ahead, Prime Minister Carney and President Sheinbaum emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation," Carney's office said in a statement, per Reuters. BCA Research chief strategist Peter Berezin suggests investors should brace for a leaner stock market and economy as Trump tariffs and retaliations from trading partners like Canada, Europe, and China take hold. Yahoo Finance's Brian Sozzi reports: Read more here. Bloomberg reports: Read more here. Sign in to access your portfolio
CBS News
25-03-2025
- Business
- CBS News
Tariffs could threaten the future of some U.S. distilleries and bars
At Leiper's Fork Distillery outside Nashville, the notably small batch distiller produces only two and a half barrels of Tennessee whiskey a day, doing everything by hand, from distilling to bottling and labeling. The whiskey, bourbon and rye produced there are only sold in six states, the U.K. and Canada. But with tariffs in play on spirits like Tennessee whiskey, owner Lee Kennedy fears his export sales could soon run dry. "We haven't adjusted any of our prices over the last, really, uh, since 2020, we have not done any price increases or decreases, and I'm hoping to be able to continue that," Kennedy told CBS News. The European Union , in response to tariffs from the Trump administration, announced in March it plans to put a 50% tariff on all American whiskey, despite whiskey exports jumping nearly 60% in the last three years, according to Distilled Spirits Council of the United States. Across the northern border, Canadian retailers are pulling American liquor off the shelves. "A lot of that whiskey that was destined for international markets is now gonna stay in the country," Kennedy said. "So we have this kind of trifecta of not good scenarios for the distilling industry. You know, the threat of tariffs, the decrease in consumption and the oversupply... those three things." In Dallas, bar owner Gabe Sanchez fears tequila could be nearly impossible to get, as his entire supply comes from Mexico. In 2024, the U.S. imported more than $5 billion worth of tequila from Mexico, according to Distilled Spirits Council of the United States. Sanchez expects prices from distributors to skyrocket to make up for the 25% tariff President Trump has threatened to impose on all goods from Mexico. That increase would force Sanchez to either raise his own prices and risk losing customers, or eat the cost himself. "Places like this are gonna cease to exist. If these trade wars continue, that's like, unfortunately, what's gonna happen. Like, we can only stand in front of the dam and put our finger in it for so long," Sanchez said.
Forbes
24-03-2025
- Lifestyle
- Forbes
GG Mirvis Is On A Mission To Change Americans' Minds About Mezcal
GG Mirvis is the founder of Desolas Mezcal, an herbaceous, light mezcal that isn't too smoky. GG Mirvis wants to change the perception of mezcal in the United States. She's on a mission to change people's minds about mezcal. 'There's so much more to mezcal than just smoke,' Mirvis says. Mirvis, who previously had founded a tequila and coconut water brand called TIQO while in college, had been trying a lot of different mezcals in Mexico, and she realized that too many mezcals that were available in the United States tasted too similar to each other. 'There really is so much more to mezcal, and it can have such a beautiful, complex flavor,' Mirvis says. Mirvis became particularly enamored with a mezcal that was made from agave salmiana, which is different from agave espadín, which is the type of agave many mezcals are made from. 'The salmiana grows seven feet tall and twice as wide, and it can take up to 25 years for it to reach maturity,' Mirvis says. 'The salmiana makes this super herbal, fresh mezcal that is kind of complicated with a bit of vegetal flavor.' It took Mirvis three years before she launched her mezcal brand, Desolas Mezcal, in February 2020. Desolas, which means 'of the sun, light or to illuminate,' was crafted from salmiana agave. But to differentiate it further, this agave is roasted above ground instead of covered with earth. 'We roast above ground so you get more of a salmiana agave taste,' she says. 'I personally think Desolas tastes like it has a little bit of sun it in. It's a light and fresh mezcal.' 'We launched it in New York, just before the world ended,' Mirvis says. Since its launch in 2020, Desolas has expanded to Florida, California, New Jersey, Georgia, Colorado and Texas. This year, Desolas will be expanding to Tennessee. Desolas's rapid growth matches what is being seen in tequila and mezcal markets throughout the United States. Since 2003, tequila and mezcal has grown 294 percent, with an average rate of 7.1 percent per year, according to the Distilled Spirits Council of the United States. According to Global Market Insights, the global mezcal market was valued at $570.2 million, and it is projected to expand more than 11.9 percent CAGR from 2025 to 2034. Mezcal exports from Mexico, the Global Market Insights report says, grew by 40 percent in 2022, with the United States accounting for nearly 70 percent of all mezcal exports. In 2024, Desolas grew 103 percent. It also has earned quite a bit of accolades. Desolas received Best of Class honors at the New York World Spirits Competition, crowned "Best Mezcal in The World" by The Tasting Alliance. Desolas also earned Double Gold at the 2024 San Francisco World Spirits Competition for the second year in a row, along with a 95-point score from The Tasting Alliance. 'It's interesting,' she says. 'A lot of times people will tell me 'I don't like mezcal, it's too smoky,' and then they try Desolas and then say 'Oh, I love that. When I realized that, I decided I'm going to go full force on that.' In promoting her brand, Mirvis often encounters people who say that they don't like the taste of mezcal. 'It's interesting,' she says. 'A lot of times people will tell me 'I don't like mezcal, it's too smoky,' and then they try Desolas and then say 'Oh, I love that. When I realized that, I decided I'm going to go full force on that.' Mirvis recommends first trying Desolas on its own, over ice, with an orange slice to open up its flavors. She also encourages people to play around with Desolas in cocktails. 'Negronis are my favorite cocktail, and I love Desolas in a negroni with a little chocolate bitters, which adds this whole level of delicious,' she says.
