Target and Best Buy warn shoppers of price increases due to Trump's tariffs

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When major retailers warn that everything from fruits and vegetables to electronics will raise prices, shoppers may soon feel the impact of Trump’s latest trade war. Talter CEO Brian Cornell revealed Tuesday that the company could raise prices for fresh products with new tariffs. Best Buy’s CEO responded to similar concerns, saying the price increase was “very likely.” Even Walmart is known for its low prices, which he admits will not be completely immune to the rising costs caused by Trump's tariffs on China, Canada and Mexico. The warning comes after the latest round of tariffs comes into effect, prompting revenge from Canada and China, and Mexico is expected to follow Mexico. With Wall Street focusing on the impact on household budgets and consumer spending, retailers are preparing for potential stickers shocks. “Now these tariffs are working, and the costs of many of these products will increase significantly, indicating that retail experts are growing, making all retailers the same cost while absorbing some while also having costs. When passing them to customers, other retailers may hesitate to raise prices because they are worried about scaring sucker shoppers. But Target and Best Buy are already preparing customers for the inevitable. The timing will not be worse for both companies, which face struggles even before Trump’s latest trade policy. Target has been trying to attract tired inflation shoppers, and Best Buy, on the other hand, saw customers delay the upgrade of gadgets due to economic uncertainty. While groceries, such as groceries, are expected to see prices rise immediately, items like existing stocks, electronics, clothing and household goods could be affected longer. But if the tariffs remain, retailers will eventually transfer those fees to consumers. Stock markets reacted negatively to tariff news, with the S&P 500 falling 1.1% and Dow Jones fell nearly 600 points by noon Tuesday. According to Bloomberg, the market has lost more than $3 trillion in value since Trump’s re-election victory. Overall, experts warn that sticky inflation, cooling the job market, and ongoing trade tensions could increase the chances of a recession. Now, shoppers should support it at higher prices- And retailers want retailers not to start reducing the following points. Just like loading: Just like loading… Discover more posts from Baller Alertscribe for the latest posts sent to you.

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