Tariffs on Canada, Mexico and China Could Push Retail Prices Up, Target and Best Buy Warn

Emma Roth, a news writer who covers the streaming wars, consumer tech, crypto, and social platforms, reports that new tariff moves could echo in store shelves this week. Target and Best Buy executives signaled that shoppers may see higher prices as duties take effect.

Target chief executive Brian Cornell told CNBC that while half of Target’s goods are US-sourced, the company relies on Mexico for a significant portion of winter fruits and vegetables. That dependence could drive up costs for staples like strawberries, bananas, and avocados. “We’ll try to protect pricing in some categories, but consumers will likely see price increases over the next couple of days,” Cornell said.

Best Buy’s Corie Barry echoed the warning during an earnings call, noting that China and Mexico remain the top two sources for the retailer’s products. She added that vendors across the entire assortment are expected to pass along some tariff costs, making price increases for American shoppers highly likely.

On Tuesday, President Trump moved ahead with 25 percent tariffs on goods imported from Canada and Mexico, while Chinese imports face an additional 10 percent tax on top of the 10 percent already in place. Commerce Secretary Howard Lutnick told Fox Business that there may be room for a compromise with Canada and Mexico, noting that a potential agreement could be announced on Wednesday.

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