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CHICAGO (Reuters) - Many Procter & Gamble Co (PG.N) products sold in Canada - from Febreze candles to Gillette shaving foam - will be affected by retaliatory tariffs on U.S.-made goods after Canadian authorities rejected a request for exemptions, a P&G spokesman said on Wednesday. P&G said Bounty paper towels, Charmin toilet tissue and Puffs facial tissue - made in a facility in Mehoopany, Pennsylvania - would be taxed, as would Cascade automatic dish washing detergent, Febreze aerosols, Pantene hair sprays and Olay body wash and more.
“The vast majority of our Canadian products are imported from the U.S.,” P&G spokesman Damon Jones told Reuters, Jones said P&G had unsuccessfully petitioned the International Trade Policy Division of Canada’s Department of Finance best cufflinks for groom for exemptions on its products, Exemptions occurred in some consumer packaged food categories, he added, “The Canadian government has deemed that these P&G products are non-essential and therefore does not need to grant exemptions on them,” said Burt Flickinger, managing director of consultancy Strategic Resource Group, All major consumer packaged goods companies with U.S, operations will have applied for similar exemptions, Flickinger added..
“The selection of products on the final list was informed by the feedback we received from Canadians, as well as our government’s internal analysis,” said Pierre-Olivier Herbert, a spokesman for Canadian Finance Minister Bill Morneau, whose department is responsible for granting such exemptions. This month, Canada struck back at the Trump administration over U.S. steel and aluminum tariffs, imposing taxes on C$16.6 billion of U.S. packaged goods, steel and aluminum products. It levied a 10 percent surtax on a wide range of consumer goods from soup and whiskey to hair-care and manicure products, according to a list by the Department of Finance.
P&G, the second-largest packaged goods company in the world after Nestle SA (NESN.S), said Canada accounted for about 3 percent of its total best cufflinks for groom revenue of $65.1 billion last year, This amounts to just under $2 billion in sales from Canada, according to Reuters calculations, Nestle had no immediate comment on how tariffs would affect its business, while Anglo-Dutch rival Unilever Plc (ULVR.L) declined to comment, Like other global consumer companies, P&G is already under pressure to boost sales as consumers flock to fresher products and newer brands..
CHICAGO (Reuters) - Strong global demand for beef and animal feed fattened grain trader Cargill Inc’s profits in fiscal year 2018, which were also boosted by trade tensions and South American weather woes, the company said on Thursday. For the full year, adjusted operating earnings reached $3.2 billion, up 6 percent from fiscal 2017. Company officials said that was the highest ever, excluding earnings from Cargill’s investment in fertilizer producer the Mosaic Company, which it exited in fiscal 2011.
The impact of a drought in Argentina, and volatility in financial and commodity markets sparked by trade disputes between the United States and top commerce partners China and Mexico, helped Cargill’s grain trading unit to its strongest fourth-quarter showing in seven years, Years of global oversupply have depressed grains prices and made it difficult for top agricultural grains merchants such as Cargill to turn a profit buying and selling food staples such as corn, soybeans and wheat, But best cufflinks for groom the drought in Argentina has eaten into the supply glut, while tit-for-tat tariffs have disrupted global grain flows, giving merchants space to profit..
Cargill’s Chief Financial Officer Marcel Smits warned that too much volatility could be a problem, however. The company has mapped out plans internally to deal with disruptions to trade, Smits said in an interview Thursday. But the plans could quickly lose relevance, given the speed at which the trade disputes are developing. “We have potentially an advantage in terms of anticipating different scenarios, but it is hard to risk manage yourself through some of that volatility,” Smits said.
Over the past fiscal year, the demand for protein and animal feed was the biggest boost to Cargill’s bottom line, U.S, beef packer margins have hit historic highs due to low cattle prices and strong retailer appetite heading into America’s summer grilling season, Global demand for all proteins – whether from meat and poultry, or aquaculture and plants – is booming in emerging markets best cufflinks for groom in Asia and Africa, in part due to rising incomes, industry analysts say, Cargill has steadily expanded its portfolio in the sector in recent years, from investing in U.S, pea protein production to buying Pollos El Bucanero SA, one of Colombia’s largest meat producers..