Earlier this week, White House Press Secretary Karoline Leavitt slammed a reported plan by Amazon to begin displaying the costs of Trump's tariffs on imported goods, calling it "a hostile and political act by Amazon." An Amazon spokesperson later told Reuters that the company had considered this plan, but it "was never approved and [is] not going to happen."
However, some Amazon sellers have reportedly already raised prices due to the tariffs, and others have said they plan to opt out of Prime Day this year due to the rising costs to their business.
China-based brands like Temu and Shein also responded to the tariffs this week by raising prices, and the effects of the tariffs are expected to be felt more broadly in the coming weeks. So what can we expect? Here are 7 more companies that have said that the tariffs will likely force them to raise prices:
1.Best Buy
Best Buy CEO Corie Barry touched on the issue of tariffs in the company's Q4 earnings call. She said, "The consumer electronics supply chain is highly global, technical, and complex. China and Mexico remain the No.1 and No. 2 sources for products we sell, respectively. While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely."
2.Autozone
In an earnings call in late 2024, Autozone CEO Philip Daniele said, "If we get tariffs, we will pass those tariff costs back to the consumer." There are currently no cars in the US made entirely from domestically manufactured parts.
3.Procter & Gamble
Procter & Gamble, the corporate owner of many household brands like Tampax, Crest toothpaste, and Tide detergent, has also said it may be forced to raise prices. AP reports that P&G’s Chief Financial Officer Andre Schulten said that their prices may start going up in July.
4.Adidas
Even though it seems like everyone and their mom has a pair of Sambas these days, Adidas has also warned that its prices are set to rise. In a statement this week, the company said, "Higher tariffs will eventually cause higher costs for all our products for the US market." However, the statement also noted that there's still a lot of uncertainty about the final tariff costs the company will face, so it's currently too soon to say exactly what their plan may be.
5.Nintendo
Nintendo delayed pre-orders for its new console, the Switch 2, after Trump's tariffs were announced in early April. The console itself hasn't gone up in price, but the company issued a statement explaining that accessories like the Joy-Con 2 will cost more due to the tariffs.
6.Rolex
Luxury brands also expect to be affected by the sweeping tariffs. According to GQ, watchmaker Rolex has announced a 3% price increase starting in May.
7.Target
Though Target is reportedly attempting to negotiate with some foreign sellers to lower the impact of tariffs, the brand does anticipate raising prices in some categories. In March, Target CEO Brian Cornell told CNBC that prices on produce like strawberries and avocados are likely to increase. He went on to say that the company plans to keep certain prices, like $5 t-shirts, the same, which will force them to raise other prices accordingly.
