Major retailers like Target, Best Buy, and Walmart are preparing for price increases due to the tariffs imposed by former President Donald Trump on imports from Mexico, Canada, and China. Target’s CEO, Brian Cornell, indicated that consumers will soon see price hikes, particularly on produce imported from Mexico, such as strawberries, avocados, and bananas. Similarly, Best Buy’s CEO, Corie Barry, acknowledged that higher import costs will likely be passed on to consumers. Walmart’s CFO, John David Rainey, also warned that the company won’t be immune to the effects of these tariffs. Despite the anticipated price increases, none of the executives mentioned plans to shift their supply chains back to the U.S. Instead, they are considering strategies to mitigate costs, such as adjusting prices on certain items. A survey by Economist Impact revealed that only a minority of companies plan to increase domestic sourcing, with many opting to cut internal costs or boost lobbying efforts instead. The impact of tariffs on reshoring manufacturing jobs remains debatable, with new factories taking years to become operational. — news from Gizmodo
