By Laura Cooper
Low-income smokers are cutting back.
Shares of British American Tobacco tumbled more than 7% on Thursday after the maker of Newports and Camels reported falling cigarette and vape sales in the U.S.
The tobacco company's U.S. subsidiary, Reynolds American, is trying to reach price-sensitive smokers with a more affordable Newport cigarette, BAT Chief Executive Tadeu Marroco said in an interview.
Lower-income smokers have been under stress over the past few years as prices for food and other essentials have risen, Marroco said. An influx of illegal, flavored disposable vapes from China also has contributed to declines in U.S. cigarette sales, he said.
Marroco said he was hopeful the Trump administration would crack down on U.S. sales of unauthorized Chinese products, including e-cigarettes and nicotine pouches. A subsidiary of Reynolds American donated about $10 million to Make America Great Again Inc., the main pro-Trump super political-action committee.
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(END) Dow Jones Newswires
February 13, 2025 08:55 ET (13:55 GMT)
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