US consumers feel the pinch as big firms report price hikes across the board
New York — The US economy may be roaring ahead, but American consumers face the prospect of paying more for everyday goods, due partly to trade tariffs. Big companies reporting earnings over the past week described price hikes on everything from beverages to air tickets to paint and tools. Some of the hikes are still in the planning stages and not all companies are sure they will be able to make higher prices stick due to competitive pressure. "We have implemented price increases for these implemented tariffs," said Donald Allan, chief financial officer at Stanley Black & Decker, whose products include hammers, saws and power tools. The 175-year-old Stanley expects to generate $190m more in revenues in 2018 from price hikes, Allan said on a conference call in July. Coca-Cola Coca-Cola also recently enacted price hikes in North America, in part because of tariffs on steel and aluminium that raised costs of cans and some production processes. Coca-Cola CE James Quincey admitted retail...
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