Best Buy and Target CEOs say prices are about to go up because of tariffs
Target and Best Buy say Trump’s tariffs on Mexico, Canada, and China could raise prices in their stores as soon as this week. During an interview with CNBC, Target CEO Brian Cornell said consumers will “likely see prices increase over the next couple of days,” while Best Buy CEO Corie Barry similarly told investors that more expensive prices are “highly likely.”
Cornell told CNBC that half of Target’s goods come from the United States, but the company depends on Mexico for “a significant amount” of fruits and vegetables during winter, potentially leading to more expensive strawberries, bananas, and avocados. “Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” Cornell added.
Meanwhile, Best Buy’s Barry said during an earnings call that China and Mexico remain the top two countries where the company gets its products. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely,” Barry said.
On Tuesday, Trump followed through on threats to impose 25 percent tariffs on products imported from Canada and Mexico, while imports from China will face an additional 10 percent tax on top of the 10 percent tax previously enacted. However, Commerce Secretary Howard Lutnick told Fox Business that Trump might “work something out” with Canada and Mexico, adding that he could announce a potential compromise on Wednesday.
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