0928 GMT - Shares in European and U.K. drink makers drop after the U.S. imposed a 25% tariff on imports from Canada and Mexico. Jefferies estimates that almost half of Diageo's sales in the U.S. are products imported from Mexico and Canada. Campari share is 35% but Pernod Ricard only imports 6.3%, the analysts say. Nearly 100% of Remy Cointreau's U.S. portfolio is imported, but its exposure to Mexico and Canada is zero. "We would expect some stockpiling of spirits products ahead of the tariff announcement to delay the impact of the tariff pass through," Jefferies says. Shares in Diageo and Campari fall 2.9% and 2%, respectively. Pernod Ricard and Remy Cointreau trade 2% and 3.7% lower, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 04:29 ET (09:29 GMT)
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