Target and Best Buy Warn Customers of Incoming High Prices Over Trump Tariffs

American consumers could be facing sticker shock in the near future, some of the nation’s largest retailers warned, as a result of President Donald Trump’s tariffs on Canada, Mexico, and China.

According to Bloomberg Law, Target CEO Brian Cornell told CNBC in an interview that customers would likely be facing increased prices on product “over the next couple of days” following the reveal that Trump was carrying out his imposition of tariffs. Tariffs on Canadian and Mexican imports had been delayed by a month following both nations’ acquiescence to the president’s demands for increased border security.

In particular, Cornell noted that the price of fresh produce would tick upward, as a “significant amount” of fresh fruits and vegetables are sourced from Mexico over the winter months.

“We’re going to try to make sure we can do everything we can to protect pricing. But if there’s a 25% tariff, those prices will go up,” Cornell added.

Best Buy Signals Price Increases, ‘Giant Wildcard’ for the Company’s Immediate Prospects Due to Tariffs

And as Reuters reported, Best Buy also seemed poised for a series of incremental price hikes — potentially lasting throughout the year — in response to the imposition of tariffs.

“We’ve never seen this kind of breadth of tariffs. This, of course, impacts the whole industry,” Best Buy CEO Corie Barry said on a March 4 analyst call, per CNN. Best Buy expects vendors to pass down some of the incoming cost increases to retailers like itself, “making price increases for American consumers highly likely,” Barrie concluded.

Further, Best Buy CFO Matt Bilunas hinted at some degree of uncertainty as to how the company’s customers would react to potential price hikes.

“The giant wildcard obviously is how the consumers are going to react to the price increases in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,” Bilunas said.

Best Buy execs indicated that China was the No. 1 supplier for its products, with Mexico placing second.