Kraft-Heinz is sliding after Canada hits back at the US in their ongoing trade fight


Kraft-Heinz is sliding, down 1.46% Monday, after Canada slapped tariffs on $ 12.6 billion of US goods, including ketchup.

The tariffs, which began on Sunday, are in retaliation to the the 25% tariffs on Canadian steel and 10% on Canadian aluminium. In response, Canada will put up trade barriers of 25% on US steel and iron. But Canada didn’t stop there. Additional imported items like ketchup, pizza, and dishwasher detergent will be subject to 10% tariffs.

A Kraft-Heinz spokesperson said this in response to the tariffs:

“As a global food company, Kraft Heinz opposes trade policies that impose taxes or tariffs on our products. NAFTA has been in place for more than 20 years and we have developed supply chains that run across North America. We are opposed to any change that impacts our ability to seamlessly move our products across these borders.”

It’s possible the reason the stock is only off slightly is because “only 20% of the company’s Canadian business is actually imported from the US,” according to CNBC’s Sara Eisen.

Kraft-Heinz is down 19.58% this year.

Screen Shot 2018 07 02 at 2.13.31 PMMarkets Insider

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.