01:31 PM EST, 02/26/2025 (MT Newswires) -- Consumer stocks were lower Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 1.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.1%.

In sector news, President Donald Trump said Wednesday that previously announced tariffs on Canada and Mexico will go into effect on April 2, Bloomberg reported. The president also said that EU tariffs will be 25% on autos, according to the report.

In corporate news, Anheuser-Busch InBev ( BUD ) shares jumped 8.3% after the company reported surprise increases in Q4 results despite volume weakness.