The Tariff ManArrival is near and the stewards are not getting the cakes and milk ready to go. In fact, Fortune 500 CEOs are rushing for an expensive time frame that will, of course, be lifted on the shoulders of already struggling consumers.
This a weekPresident-elect Donald Trump posted on Social Truth that he would impose tariffs on imports from China, Mexico, and Canada on the first day of his presidency. It’s a move that will come with a steep price tag.
“Most of the tariffs will be passed on to consumers as price increases,” he said Best Buy CEO Corie Barry is on the phone with the media.
CEOs say tariffs will raise prices
Ikea, famous for its ability to give money chairs with a bagwarned that Trump’s tariffs would make it difficult to stay on top of the war. “Taxes make it difficult to keep prices low and affordable for many people, which is ultimately our goal,” Jesper Brodin, Inca Group CEO he said CNN. “We never had a profitable period when we had a lot of trees,” he added.
Explaining that the increase is “beyond our control,” and the company will “understand and adjust,” he said the real hit will be felt by consumers. “We believe that tariffs will not help … international companies and international trade, at the end of the day, this risk comes on the customers’ bills,” he said.
Taxes can affect furniture production and sales. “Whatever happens to prices will affect the entire industry, it doesn’t discriminate between different suppliers and importers,” he warned Home Depot CEO Edward Decker on the earnings call, according to Reuters. Adding that the company has changed some of its sources, he admitted, “there will be impacts.”
And furniture CEOs are far from the only executives warning of a winter after Trump’s inauguration. Barry said the supply shortage will affect the world of consumer technology if Trump’s proposed tariffs are implemented.
“There is very little in the consumer electronics industry that is not imported,” Barry explained in call for money. Almost everything is imported. Again, it’s the shopper who gets burned the most in this equation.
“For us, that’s the hardest part,” Barry said. “These are things people need, and higher prices don’t help.”
Walmartthe biggest seller in the word, it seems no exceptions. “Taxes are going to be expensive, there’s no arguing about that,” Walmart chief financial officer John David Rainey said. Fox Story. “We can’t be safe, and prices will be higher for customers,” he continued, adding that the company “will work with our partners and our privacy team to continue to try to lower prices.”
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