Last week, President Trump announced tariffs on steel and aluminum from Europe, Mexico, and Canada. These tariff consequences have impacted on the U.S. Senate elections in Tennessee.
Mexico announced on Tuesday that the country will inflict a 25% tariff on some American cheese products, steel, and whiskey. On the contrary, the European Union also notified that they too will be adding a 25% tariff on American whiskey.
On Wednesday, Brown-Forman in its 2018 fiscal results, released a note on Wednesday stating that the international economy has improved reasonably over the last year. It includes improving conditions in many emerging markets.
Conversely, Brown-Forman added that the competitive background in the developed world is still intense and it is the reason for concerns over potential retaliatory tariffs on American spirits. Further, the company explained that these factors worsen the conditions by making it more complicated to accurately forecast future results.
Moreover, various other businesses in Tennessee also have shown concern about the tariffs and the impact of the same on their business budgets. Companies proclaimed ABC’s Memphis associate that their businesses are being hit because of the “tariff trickle down.”
The HVAC Sales and Supply Company proclaimed that its suppliers immediately raised the prices up 15–25% after President Trump’s announcement on the tariffs on Friday. The company added that those costs will be passed onto their consumers. The tariffs issue has turned into a subject in Tennessee’s race to replace retiring U.S. Sen. Bob Corker.
On a similar note, Tennessee State Fire Marshal’s Office recently released news stating that the teachers in Tennessee will be permitted to keep devices to block a door within their classrooms. The officials updated that it will help educators plan for the safety of the schools in emergency situations.