Agency :
Corporate America is scrambling to implement countermeasures as US President Donald Trump’s latest tariffs on Chinese imports went into effect last week, while some levies on Canada and Mexico have been suspended.
Trump said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, reports Reuters.
Potential price hikes, changes in sourcing locations and new US plants are among the actions planned since Trump unveiled the tariffs and threatened potentially more levies.
* Best Buy BBY.Nwarned of the possibility of higher prices for American shoppers. “The giant wildcard obviously is how the consumers are going to react to the price increases …,” CFO Matt Bilunas said on a call with analysts.
* Target also warned about potential price hikes as it depends on lots of vegetables and fruit from Mexico during winter, CEO Brian Cornell said. “But if there’s a 25 percent tariff, those prices will go up … certainly over the next week,” he said.
