These companies expect to hike prices thanks to Trump's tariffs

President Donald Trump’s decision to impose destructive tariffs against just about everybody on the planet quickly sent stocks plummeting and led to layoffs, prompting Trump’s rich allies to scramble and do damage control, albeit poorly.Trump has long pushed his ill-conceived tariff plan. And even before “Liberation Day,” numerous companies have gone on the record about tariffs, saying they will pass (or have already passed) the costs on to consumers. Here are some of the biggest.Best BuyChina and Mexico make up a combined 75% of Best Buy’s imported consumer electronics. CEO Corie Barry told analysts on a call in March, “We’ve never seen this kind of breadth of tariffs,” adding that “price increases for American consumers [are] highly likely.”A sign stands outside a Target store on May 2023 in Nashville, Tennessee.TargetIn a March interview, Target CEO Brian Cornell explained that his company relied on imports from Mexico in the winter. “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.AutoZoneOn an earnings call last year, AutoZone CEO Philip Daniele was as blunt as one can be: “If we get tariffs, we will pass those tariff costs back to the consumer.”Steve MaddenShoe company Steve Madden has already said it plans to raise prices this year in response to Trump’s tariffs against China earlier this year. Now that Trump has added another 34% tariff on China, there’s a good chance prices will jump even higher.Columbia SportswearLike many clothing manufacturers, Columbia relies heavily on suppliers in countries Trump has now tariffed. CEO Tim Boyle told CNBC that tariffs are designed to increase the cost of imported goods. Stanley Black & DeckerA woman carrying a child stands near Apple and Nike stores in Beijing, China, on April 4.Stanley Black & Decker, the tool company, manufactures most of its products in facilities throughout Asia. CEO Don Allan gave a most diplomatic statement on tariffs during an earnings call in February, saying, “Our approach to any tariff scenario will be to offset the impacts with a mix of supply chain and pricing actions, which might lag the formalization of tariffs by two to three months, therefore limiting [profit and loss] headwinds in the near-term and maintaining our long-term margin objectives” (emphasis added).WalmartIn November, Walmart CFO John David Rainey told CNBC that while the retail giant “never want[s] to raise prices,” tariffs are “inflationary for customers.”Apple, Nike, and othersThe Trump administration’s hefty tariffs against countries beyond China seem to have caught many companies by surprise. Major corporations like Apple and Nike bring in much (or most) of their manufacturing imports from countries that Trump has hit with high rates. While neither company has announced intentions to raise prices (yet), it seems inevitable to many analysts.At this rate, it’s hard to imagine most companies not raising their prices if Trump’s tariffs remain in place, with the burden ultimately falling on working Americans.Campaign Action

President Donald Trump’s decision to impose destructive tariffs against just about everybody on the planet quickly sent stocks plummeting and led to layoffs , prompting Trump’s rich allies to scramble and do damage control, albeit poorly. Trump has long pushed his ill-conceived tariff plan. And even before “ Liberation Day ,” numerous companies have gone on the record about tariffs, saying they will pass (or have already passed) the costs on to consumers.

Here are some of the biggest. China and Mexico make up a combined 75% of Best Buy’s imported consumer electronics. CEO Corie Barry told analysts on a call in March, “We’ve never seen this kind of breadth of tariffs,” adding that “price increases for American consumers [are] highly likely.

” In a March interview , Target CEO Brian Cornell explained that his company relied on imports from Mexico in the winter. “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. On an earnings call last year, AutoZone CEO Philip Daniele was as blunt as one can be: “If we get tariffs, we will pass those tariff costs back to the consumer.

” Shoe company Steve Madden has already said it plans to raise prices this year in response to Trump’s tariffs against China earlier this year. Now that Trump has added another 34% tariff on China, there’s a good chance prices will jump even higher. Like many clothing manufacturers, Columbia relies heavily on suppliers in countries Trump has now tariffed.

CEO Tim Boyle told CNBC that tariffs are designed to increase the cost of imported goods. Stanley Black & Decker, the tool company, manufactures most of its products in facilities throughout Asia . CEO Don Allan gave a most diplomatic statement on tariffs during an earnings call in February , saying, “Our approach to any tariff scenario will be to offset the impacts with a mix of supply chain and pricing actions, which might lag the formalization of tariffs by two to three months, therefore limiting [profit and loss] headwinds in the near-term and maintaining our long-term margin objectives” (emphasis added).

In November, Walmart CFO John David Rainey told CNBC that while the retail giant “never want[s] to raise prices,” tariffs are “inflationary for customers.” The Trump administration’s hefty tariffs against countries beyond China seem to have caught many companies by surprise. Major corporations like Apple and Nike bring in much (or most) of their manufacturing imports from countries that Trump has hit with high rates.

While neither company has announced intentions to raise prices (yet), it seems inevitable to many analysts. At this rate, it’s hard to imagine most companies not raising their prices if Trump’s tariffs remain in place, with the burden ultimately falling on working Americans..