Trump Tariffs Could See Beer Prices Soar, Push Americans Toward Drinking Wine and Spirits

President Donald Trump's announcement Thursday that he will impose tariffs on imported steel and aluminum and steel has been met with shocked rebukes, even from members of his own Republican Party. And many more Americans could soon join in the anger after warnings that the plan could lead to a sharp increase in the price of beer.

Related: Will Trump's Steel and Aluminum Tariffs Start a Trade War With China? Here's What to Expect

"Like most brewers, we are selling an increasing amount of our beers in aluminum cans, and this action will cause aluminum prices to rise," read a statement on Twitter from MillerCoors, the second largest brewing company in the United States following Trump's announcement. "It is likely to lead to job losses across the beer industry."

The company added: "American workers and American consumers will suffer as a result of this misguided tariff."

And the criticism from the beer industry at the proposed 10 percent tariff on aluminum did not end there.

"We urge the Department of Commerce and President Trump to consider the adverse impact that the trade restrictions on aluminum will have on the more than two million American jobs before making his final decision," said Felipe Dutra, the chief financial officer of Anheuser-Busch InBev, the world's largest brewer. "We will be following that and monitoring that closely."

Over 50 percent of the beer produced each year in the U.S. is sold in aluminum cans or aluminum bottles. Close to a quarter of AB InBev's cost base in the U.S. is said to come from purchases of aluminum.

According to The Beer Institute, a trade group, the tariff would amount to a $347.7 million tax on beverages sold in cans and come at the further cost of tens of thousands of jobs.

If the tariff was to come into effect, it could push increasing numbers of Americans away from the more cost-conscious product of beer toward wine and spirits, The Wall Street Journal reported industry insiders as predicting.