Trump’s threat to impose tariffs could raise prices for consumers, colliding with promise for relief

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Trump’s threat to impose tariffs could raise prices for consumers, colliding with promise for relief - Business Mirror

Quick Summary:

DETROIT—If Donald Trump makes good on his threat to slap 25 percent tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation.

Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers.“These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said.

Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said.