WASHINGTON (dpa-AFX) - Constellation Brands' CEO Bill Newlands reportedly said that the company would be ready if U.S. President Donald Trump levies tariffs on Mexican beer.
Trump had threatened to place tariffs on all Mexican imports at the end of May. However, he later backed down after signing a trade deal with the country.
According to CNBC, Newlands Friday said that the brewer would be ready if the tariffs are implemented. The tariffs could affect Constellation Brands' profits because most of its beer is imported from Mexico.
'If, in fact, something were to happen, we'd always be ready,' he said on CNBC's Power Lunch. 'We'd mitigate it to some degree.'
Meanwhile, Constellation, which owns Corona beer, reported a quarter earnings and revenues that trumped Wall Street estimates. The company also raised its fiscal 2020 outlook.
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