Trump Tariffs Trigger Price Hikes at Major Retailers

Target, Best Buy, and others warn consumers of rising costs as new tariffs on imports from Mexico, Canada, and China take effect.

President Trump's administration has implemented a 25% tariff on imports from Mexico and Canada, and increased tariffs on Chinese goods to 20%.
Target CEO Brian Cornell stated that consumers will likely see immediate price increases on produce such as strawberries, avocados, and bananas, which are heavily imported from Mexico during winter.
Best Buy CEO Corie Barry warned that the cost of electronics is expected to rise as vendors pass along tariff-related expenses to retailers and consumers.
Economists predict that the tariffs could contribute to higher inflation, reduced consumer spending, and increased economic uncertainty, with some warning of a potential recession.
Canada and China have already retaliated with tariffs on U.S. goods, and further trade tensions are expected to escalate, potentially impacting a broader range of products.