By Stephen Wilmot
Here are some notable moves across sectors in global markets, following President Trump's "Liberation Day" tariffs.
Alcoholic drinks
-- Some investors turned to drink: Scotch producer Diageo and Aperol maker Campari were among the few risers in Europe.
-- This is mostly about their imports from Mexico and Canada, brokers say, after the White House kept duty-free access to the U.S. for USMCA-compliant products. That includes Mexican tequila and Canadian whiskey, which make up roughly 55% of Diageo's U.S. sales and 30% of Campari's, according to UBS.
-- Another small win for Diageo: Most imports from Britain, like Scottish whisky, will be taxed at the 10% base rate.
Drugmakers
-- European giants like GSK and AstraZeneca also gained, after Trump exempted pharma products from the reciprocal tariffs.
Sportswear
-- Adidas, like Nike, imports shoes to the U.S. from east Asia. Adidas stock fell 11% in morning trading, among the largest of the large-cap movers.
-- Others in the sector, such as Puma, also fell.
Luxury goods
-- Luxury-goods makers were also down, led by Swiss watchmaker Richemont, which owns the Cartier brand. The White House slapped a 31% reciprocal tariff on Swiss imports.
-- The handbags and other baubles sold in the U.S. by European luxury companies such as LVMH and Kering are mostly shipped from Europe, and luxury sales are also vulnerable across the board to weak economic sentiment.
Carmakers
-- One sector largely unmoved by the drama in D.C.: European carmakers. Companies such as , BMW and Volkswagen were hit by 25% tariffs on finished vehicles and parts last week, and the reciprocal tariffs didn't add to that.
-- The continuing USMCA exemption is also good for Chrysler owner Stellantis, making it a "relative tariff winner," according to Barclays.
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(END) Dow Jones Newswires
April 03, 2025 06:03 ET (10:03 GMT)
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