US retailers warn that tariffs will raise products prices

Trump’s Tariffs Drive Up Prices in the U.S.

Target and Best Buy Raise Concerns

China and Canada Respond Immediately

Major retail chains Target and Best Buy have issued warnings about the impact of the new tariffs.

Imports from Mexico, Canada, and China now face tariffs of up to 25%.

Target CEO Brian Cornell has warned of an imminent price increase.

Consumers will see higher prices on fruits and vegetables in the coming days.

Impact of Trump’s Tariffs on Food and Technology

US Retailers Warn That Tariffs Will Drive Up Product Prices – PHOTO: Shutterstock

Products such as strawberries, avocados, and bananas will be the most affected.

Target is working to mitigate the impact, but prices will inevitably rise.

Trump’s tariffs on China have a lesser effect on Target, as the company has reduced its reliance on Chinese imports.

Meanwhile, Best Buy expects price hikes in home appliances and electronics.

Best Buy CEO Corie Barry stated that tariffs will impact the entire industry.

China and Mexico are Best Buy’s top suppliers, accounting for 55% and 20% of their imports, respectively.

Barry noted that the full extent of the impact remains uncertain.

Trump’s tariffs took effect at midnight following weeks of warnings.

China and Canada responded immediately with trade countermeasures.

Meanwhile, Mexico has maintained a more cautious stance on the conflict.

You may also like: The US tariffs come into force to Mexico, Canada and China

Price hikes could impact consumer spending in the U.S. over the coming months.

The escalating trade conflict is fueling uncertainty in financial markets.

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? US Retailers Warn of Price Increases Due to Tariffs / PHOTO: MundoNOW