07:06 AM EST, 02/03/2025 (MT Newswires) -- Brown-Forman (BF.A) Diageo ( DEO ) and Constellation Brands ( STZ ) shares were down in pre-bell activity after the administration of President Donald Trump imposed a 25% tariff on imports from Canada and Mexico.

Brown-Forman shares were down about 1.7%, Diageo ( DEO ) down around 3.5%, and Constellation down around 6.3% in recent pre-market trading.

The Distilled Spirits Council of the US, the Chamber of the Tequila Industry, and Spirits Canada issued a joint statement on Saturday warning that the tariffs "significantly harm" the US, Canada, and Mexico

"The North American spirits sector is highly interconnected. Many companies own brands in all three countries, contributing positively to local economies," the statement said. "The imposition of a tariff not only negatively impacts trading partners but also harms domestic industries."