Coca-Cola CEO James Quincey told CNBC on Wednesday that the company will raise prices on its carbonated sodas later this year in response to President Trump's tariffs on imported steel and aluminum on some of the U.S. closest allies, which have slapped retaliatory duties.
"We had to take with our bottling partners an increase [in prices] in our sparkling beverage industry in the middle of the year, which is relatively uncommon. That's the metal steel and aluminum going up. The labor going up."— Quincey said on CNBC's Squawk on the Street after Coke reported earnings.
He added, however, that the company has a slight advantage over others because its products are American-made. "We're very focused on creating local businesses, with local factories, with local jobs, with local blue collar," he told CNBC. "Less trade and more tariffs will mean less economic growth in the end and that will affect us."