Brown-Forman (BF.A; BF.B), the maker of Jack Daniel’s whiskey and other alcoholic beverages, was among the S&P 500’s biggest decliners Wednesday as the European Union (EU) hit back with retaliatory tariffs after 25% U.S. levies on steel and aluminum went into effect.
The EU said that starting April 1, “tariffs will be applied on products ranging from boats to bourbon to motorbikes.” The moves are in response to U.S. tariffs that went into effect at midnight Wednesday.
Canada, which also implemented countertariffs Wednesday, last week imposed retaliatory levies on American goods—including spirits such as those produced by Brown-Forman—”in response to unjustified U.S. tariffs.”
Shares of Brown-Forman late Wednesday were down nearly 5% at $34.37. They have lost about 10% of their value over the last two sessions.
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