- Major international food and beverage companies are concerned about Mexico's plans to impose taxes on junk food and sugary drinks.
- Last week, Mexico's lower house of Congress authorized a 5% levy on high-calorie packaged food such as peanut butter. The chamber has also passed legislation to tax sugary drinks at 1 peso (8 U.S. cents) per liter.
- The taxes could pose a big challenge to the food companies, especially if Mexico is successful in its aim of changing diets in the country - where 7/10 adults and 1/3 children are overweight or obese - and is copied by other nations.
- Companies that are set to be affected include Coca-Cola (KO), Kellogg (K), PepsiCo (PEP), Mondelez (MDLZ) and Nestle (NSRGY.PK).
- ETFs: XLP, VDC, FXG, IYK, PSL, RHS, PSCC, UGE, SZK
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