Best Buy says Trump's tariffs could force it to raise prices for consumers
Best Buy says Trump's tariffs could force it to raise prices for consumers
Consumers could face higher prices for electronics if President-elect Donal Trump hits Canada, Mexico and China with new tariffs, Best Buy CEO said.
Summary
Best Buy warned that Trump’s proposed tariffs on imports from China, Mexico, and Canada could raise prices on consumer electronics, as 60% of Best Buy’s inventory comes from China.
Trump plans to impose a baseline 10% tariff on all imports and a 60% tariff on Chinese goods to boost domestic manufacturing.
Retailers like Best Buy and industry groups like the Consumer Technology Association are preparing for supply chain disruptions by importing goods early or sourcing alternatives to avoid higher consumer prices.
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I bet you that the Right is going to performatively do to a few companies the kind of "don't you dare raise prices" bullying that the Democrats should have been doing when inflation had started spiking. And it's going to go down in history that the Right held corporations to account.
Public companies would sooner stop selling goods than eat those costs. Anything with a profit margin below 35% would just be taken off the shelves, and the rest of them would suffer in quality to claw back part of those lost profits.