Best Buy and Target CEOs say prices are about to go up because of tariffs
1 min read
Summary
Best Buy CEO Corie Barry and Target CEO Brian Cornell have warned investors that Trump’s tariffs on Mexico, China and Canada will lead to higher consumer prices.
Barry said that Best Buy’s vendors will “pass along some level of tariff costs to retailers, making price increases for American consumers highly likely”, while Cornell said that consumers will “likely see prices increase over the next couple of days” for products such as strawberries, bananas and avocados.
While current plans are for the tariffs to come into effect from today, Lutnick, the Commerce Secretary, said Trump may announce a compromise on the issue as soon as Wednesday.
The tariffs have also been criticised by the Retail Industry Leader’s Association, which said it “will raise costs for American families and hurt Americans who work in those industries”.