Target and Best Buy CEOs warn of imminent price increases due to Trump's new tariffs on imports from Mexico, Canada, and China. Target relies heavily on Mexican produce during winter, while Best Buy sources significantly from both Mexico and China. The tariffs include a 25% tax on Canadian and Mexican imports, plus an additional 10% tax on Chinese goods.
Multiple Executive Orders in early 2025 introduced significant tariff changes, including a 25% tariff on Mexico/Canada imports (currently paused) and an additional 10% tariff on China/Hong Kong imports. Steel and aluminum tariffs were amended to 25% for all imports, while various products face increased tariffs ranging from 25% to 100% through 2026.
Acer CEO announces 10% price increase on laptops in the US starting March 2025 due to Trump's tariffs, with the company's high-end gaming laptops potentially costing up to $4,178. The Consumer Technology Association warns that these tariffs could cost US customers $143 billion collectively, while offering minimal benefits to US industry.