On March 4, reports from The Wall Street Journal revealed that President Donald Trump's tariffs on products from Canada, China, and Mexico have taken effect, leading to retaliatory measures from trade partners and a decline in US stocks. Major retailers like Best Buy and Target announced price hikes on their products.
Target's CEO, Brian Cornell, warned that a 25% tariff would raise prices, while seasonal items like avocados may see increases due to reliance on Mexican imports. Best Buy's CEO, Corie Barry, noted that tariffs will likely lead to higher prices for electronics and appliances.
Other retailers, including Dollar Tree, expressed concerns about rising costs and the need to adjust products or halt sales of expensive items. Walmart's spokesperson highlighted worries that increased tariffs could further raise consumer spending amid ongoing inflation. Goldman Sachs also warned that higher tariffs would burden American consumers with increased costs for everyday goods.
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