CNBC’s Brandon Gomez joins 'Money Movers' to discuss U.S. spirit sales plunge in Canada.

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Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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Sales of U.S. spirits in Canada have dropped by more than 66% after Canadian provinces began pulling American liquor from store shelves in March. This move, part of ongoing trade tensions, has significantly impacted companies like Brown Forman and Constellation Brands, whose stocks have fallen over 20% since the start of the year.

While Canadian and other imported spirits saw slight increases in sales, these gains were not enough to make up for the loss of U.S. products. Replacement products generally had lower profit margins, and overall spirit sales in Canada remain down compared to the previous year. Although two provinces have since reintroduced American liquor, a 25% Canadian tariff on U.S. spirits remains in place as trade negotiations continue.

U.S. spirit sales plunge in Canada. Here's what we know

Welcome back. As the global trade war heats up, we're getting a fresh look at the impact of Canada's decision to pull all those U.S. spirits from store shelves back in March. Our Brandon Gomez has more with some new data. Morning, Brandon. Hey, good morning, Carl. Yeah, let's start with the companies hurting most. Whiskey makers like Brown Forman and Consolation Brands. Now, both those stocks are down over 20% to start the year, and this isn't helping short-term investor confidence. According to new data by trade group Spirits Canada, sales of U.S. spirits in the country fell by more than 66%. Now, that's between March 5th, the day when Canadian provinces started pulling U.S. spirits from shelves, up to the end of April. Now, to some extent, the shift away from U.S. spirits worked for the country. April data shows Canadian spirit sales increased 3.6%. Other imported spirits rose roughly the same, but Spirits Canada points out that gains did not compensate for the losses from U.S. product removal. Replacement products were lower margin, impacting profitability, and overall, spirit sales in Canada remain down year over year as the category shrinks. Now, two provinces have put American liquor back on shelves since March, but Carl, I was just in Montreal over the weekend, out to a few dinners. Restaurant owners told me they stopped carrying American whiskeys because of the tariffs, so this is something that we're seeing play out in real time. Brown Forman CEO Lawson Whitting said in March that Canadian provinces taking American liquor off store shelves was, quote, worse than As for where everything stands now, currently U.S. tariffs are suspended on imports from Canada that are USMCA compliant. That August 1st deadline, of course, is still looming, and Canada, though, still has a 25% tariff on U.S. spirits imports as the two countries try to come to some sort of agreement. Carl.

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U.S. spirit sales plunge in Canada. Here's what we know

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