Target, Best Buy CEOs warn of price increases as tariffs take effect

Published On Mar 4, 2025, 11:00 AM

The CEOs of Target and Best Buy have warned that the recent tariffs imposed on imports from Canada and Mexico, as well as increased tariffs on Chinese goods, could lead to rising prices for consumers. Target's CEO noted that shoppers might see price increases soon, especially on imported fruits and vegetables, given the company's reliance on products from Mexico. Both retailers expect that profit margins will be pressured in the first quarter due to these tariffs, and they anticipate that cost increases will be passed on to consumers. Overall, the situation reflects a growing concern about higher consumer prices amid renewed trade tensions.