- The CEOs of Target and Best Buy each addressed Trump’s new tariffs on Canada, Mexico, and China.
- Target’s chief executive, Brian Cornell, said some grocery costs could go up as early as this week.
- Best Buy CEO Corie Barry said price increases on imported products are now “highly likely.”
Don’t be surprised if your Target or Best Buy cart costs more than usual this month.
President Donald Trump’s trade war has arrived, and retail CEOs say higher costs are soon to follow.
The chief executives of Target and Best Buy each addressed Trump’s new tariffs on Canada, Mexico, and China, which went into effect on Tuesday as both companies reported their fourth-quarter earnings.
Best Buy’s Corie Barry told investors on an earnings call that price increases on imported products are now “highly likely.”
“Tariffs at this level will result in price increases,” she said. “I think it is very difficult to say — given the backdrop that we’re in — exactly, precisely how big that is.”
And Target’s Brian Cornell said in an interview with CNBC that some grocery costs could go up as early as this week, especially in fresh categories that are typically imported from Mexico.
“Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” he said.
Two-thirds of US shoppers surveyed by consumer analytics firm Numerator said they were concerned that tariffs would lead to higher prices on everyday goods, with more than half saying they’re worried most about their grocery bills going up.
This is a developing story…
