How 25% tariffs on Mexico and Canada could change the spirits industry

The Trump administration's plan could deal a big hit to the tequila market.

https://baker.utk.edu/wp-content/uploads/2025/03/Trade-War-2.0_Muhammad_March-2025_final.pdf
Notes: Results are based on analysis in Muhammad (2025) but are updated using 2024 data as the baseline. Changes are relative to baseline values. Tequila includes mezcal; liqueurs include liqueurs and cordials, brandy is from grapes only, and "other imported spirits" includes gin, rum and distilled spirits not specified elsewhere.
Chart: The Conversation, CC-BY-NDSource: "Trump Tariffs 2.0: Assessing the Impacts on US Distilled Spirits Imports"Get the dataCreated with Datawrapper