Two large American retail chains, Target and Best Buy warned that the tariffs of President Donald Trump to Canada, Mexico and China, who entered into force this Tuesday, March 4, will raise the prices of their products in the next few days.
The executive director of Target -a generalist store that sells food, electronic devices, clothing or accessories -Brian Cornell, said in an interview with CNBC that “probably” tariffs force the company to raise fruits and vegetable prices this week.
“Those are the sections in which we are going to try to protect prices, but the consumer will probably see price increases in the next couple of days,” said the director of this chain, which has almost 2,000 stores in the country.
Specifically, Cornell stressed that prices could rise in the case of products such as strawberries, avocados or bananas.
Despite this, he pointed out that tariffs imposed on China will not affect the chain too much, since it has reduced its dependence on the Asian country to around 30 %.
The Moment Us Tariffs Came into Effect This Morning, So Did The Canadian Response.
Canada Will Be Implementing 25% RAINST Tariffs $ 155 Billion of American Products.
Starting with $ 30 Billion Worth of Goods Immedialy, and The Remaining $ 125 Billion in 21 Days’ Time.
– Justin Trudeau (@justintrudeau) March 4, 2025
Meanwhile, the executive director of Best Buy -specialized in appliances and electronics -Corie Barry, told CNBC that he expects tariffs imposed by the Trump administration to China and Mexico to raise prices, since these two countries are the two main supply sources of the company. According to Barry, 55 % of their products come from China and 20 % of Mexico.
«We had never seen this type of tariffs, and this affects the entire industry. It is not just Best Buy, but about the entire sector. And I say it because that makes the impact estimate even more difficult, ”said the CEO.
The expected tariffs announced by Trump entered into force on Tuesday, with taxes to the imports of 25 % to Mexico and Canada and folding at 20 % the assets that China exports to the North American country, which opens the door to a large -scale commercial conflict.
The entry into force of these tariff increases by the United States has caused an immediate commercial response from China and Canada, and more nuanced in the case of Mexico.
