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Photo: Justin Sullivan/Getty Images

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."

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Nursing homes are still getting pummeledU.S. could hit herd immunity by end of summer 2021 if Americans embrace virus vaccines, Fauci says.
  2. Politics: Pelosi, Schumer call on McConnell to adopt bipartisan $900B stimulus framework.
  3. World: U.K. clears Pfizer-BioNTech vaccine for mass rollout — Putin says Russia will begin large-scale vaccination next week.
  4. Business: Investors are finally starting to take their money out of safe-haven Treasuries.
  5. Sports: The end of COVID’s grip on sports may be in sight.

Pelosi, Schumer call on McConnell to adopt bipartisan $900B stimulus framework

House Speaker Nancy Pelosi on Nov. 20. Photo: Drew Angerer/Getty Images

House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) on Wednesday urged Senate Majority Leader Mitch McConnell (R-Ky.) to use a $908 billion bipartisan coronavirus relief framework as a basis for jumpstarting negotiations.

Why it matters: The framework, introduced by a group of bipartisan senators on Tuesday, calls for significantly less funding than Pelosi had previously demanded — a sign that Democrats are ready to further compromise as millions of Americans endure economic hardship.

Scoop: Uber in talks to sell air taxi business to Joby

Illustration: Sarah Grillo/Axios

Uber is in advanced talks to sell its Uber Elevate unit to Joby Aviation, Axios has learned from multiple sources. A deal could be announced later this month.

Between the lines: Uber Elevate was formed to develop a network of self-driving air taxis, but to date has been most notable for its annual conference devoted to the nascent industry.

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