The Tariff ManIt’s almost here, and executives aren’t exactly laying out cookies and milk for their visit. Instead, Fortune 500 executives are facing a high-cost period that will, of course, ride on the shoulders of consumers who have already been targeted.
This the weekPresident-elect Donald Trump posted on his social media platform, Truth Social, that he will impose tariffs on products from China, Mexico and Canada on the first day of his presidency. It is a move that will have a high price.
“Most of that tariff will probably be passed on to the consumer as price increases,” he said Best Buy CEO Corie Barry on a call with reporters.
CEOs say the tariffs will raise prices
Ikea, famous for its ability to provide quite portfolio furniturehe warned that Trump’s tariffs will make it difficult to stay above the fray. “Tariffs make it harder for us to maintain low prices and make them affordable for many people, which is ultimately our goal,” Jesper Brodin. The Inca Group CEO, say CNN. “We have never had a good period when we had high tariffs,” he added.
He stated that the increase is “out of our hands” and that the company will “understand and adapt”, stating that the real impact will be felt by consumers. “We think the tariffs don’t support … international companies and international trade, ultimately that risk will show up on customers’ bills,” he said.
The tariffs are likely to impact the furniture manufacturing and retail space. will not discriminate against different traders and distributors who are importing the goods.’ he warned Home Depot CEO Edward Decker on an earnings call, according to Reuters. He added that the company has diversified some of the places where it gets its goods, admitting that “there will definitely be an impact”.
And furniture executives are far from the only executives warning of a frozen winter after Trump’s inauguration. Barry said the supply chain crisis will affect the world of consumer technology if Trump’s proposed tariffs go into effect.
“There is very little in the consumer electronics space that is not imported,” Barry explained in one earnings call. “Almost everything is imported.” Once again, it is the buyer who gets burned the most in this equation.
“For us, that’s the hardest part,” Barry said. “These are goods that people need, and higher prices are not helpful.”
Walmartthe word’s biggest retailer, apparently no exception to the threat of price increases. “Tariffs are going to be inflationary, that’s not debatable,” Walmart chief financial officer John David Rainey said. the fox the news “We are not immune, and rates will be inflationary for customers,” he continued, adding that the company “will work with our suppliers and our private label range to continue to lower prices.”
