Proposed tariffs on imports from Canada and Mexico, possibly extending to China, could severely impact the alcoholic beverage industry. A study indicated that a blanket tariff could lead to economic losses of $1.9 billion at 10% and $14.9 billion at 30%. Notably affected are imports such as tequila from Mexico. Experts recommend diversification towards low- and no-alcohol products. Ontario's Premier Doug Ford also highlighted the risk of losing U.S. alcohol sales if tariffs are imposed, underscoring the critical trade relationship between Ontario and the U.S.
"At 10%, the economic output loss was estimated at $1.9 billion. At 30%, it was $14.9 billion."
"Experts noted in the webinar that the industry has navigated through tariffs in the past, but because the economic landscape is different, the playbook will not have an identical outcome."
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