Morgan Stanley notes that in addition to the reciprocal tariff plan announced yesterday afternoon, the Trump administration has expanded tariffs on aluminum to include beer and empty aluminum cans. Ball (BALL) stands to be most negatively affected compared to peers Crown Holdings (CCK) and Ardagh Metal Packaging (AMBP) in the short-term given its supplier relationship with Constellation Brands (STZ), the analyst tells investors. The firm has Overweight ratings on Ball and Crown and an Equal Weight rating on Ardagh.
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