What companies are saying about tariff price hikes: Full list
Trump's 25% tariffs on Mexico & Canada in effect
President Donald Trump’s long-threatened tariffs against Canada and Mexico are now in full effect. Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products subject to 10% import duties. Joining LiveNOW help break it all down is Sarah Barber Principal art Integer LLC.
Americans' wallets could feel the impact of tariffs as soon as this week, CEOs are saying as President Donald Trump's import taxes take effect.
On Tuesday, Trump put 25% taxes on imports from Mexico and Canada, taxing Canadian energy products such as oil and electricity at a lower 10% rate. The president also doubled the 10% tariff he placed on China to 20%. The administration has said the tariffs are about stopping the smuggling of drugs such as fentanyl, but Trump also suggested that the tariffs are about getting rid of persistent U.S. trade deficits.
The taxes almost immediately triggered retaliatory measures by Canada and China, with Mexico planning to announce its response on Sunday. The U.S. stock market has given up all of the gains since Trump's victory in last year's presidential election and consumers are already exhausted by inflation and worried the costs of the tax hike would lead to higher prices.
RELATED: Explain tariffs to me: What are they? How do they work?
That could be why Commerce Secretary Howard Lutnick said Trump may backpedal on some tariffs as early as Wednesday afternoon. Here's what CEOs are saying about tariffs and prices for American consumers.
A car hauler heads to cross the Ambassador Bridge between Windsor, Canada and Detroit, Michigan on the first day of President Donald Trump's new 25% tariffs on goods from Canada and Mexico on March 4, 2025 in Windsor, Canada. (Photo by Bill Pugliano/
Target CEO Brian Cornell on tariffs
Cornell told CNBC that shoppers will "likely see price increases over the next couple of days" as a result of tariffs imposed on Mexico, particularly when it comes to produce. Target may raise prices on imported fruits and vegetables as soon as this week.
During Target's fourth-quarter earnings report on Tuesday, Cornell warned that the company "expects to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year," in part because of "tariff uncertainty."
Best Buy CEO CEO Corie Barry on tariffs
On a Best Buy earnings call this week, Barry said consumers will feel the effects of tariffs sooner than later.
"China and Mexico remain the No. 1 and No. 2 sources for products we sell, respectively," Barry said on an earnings call. "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."
Walmart CEO Doug McMillon on tariffs
McMillon said he expects Walmart to weather tariffs better than some other major retailers because the company sources two-thirds of its products from the U.S., but Walmart still expects to feel some pressure, according to Quartz.
A Walmart spokesperson said in a statement to FOX Business that the company remains "concerned that significantly increased tariffs could lead to increased costs for our customers at a time when they are still feeling the remnants of inflation."
Berkshire Hathaway CEO Warren Buffett on tariffs
Canada PM Justin Trudeau addresses US tariffs
Canada is imposing 25% tariffs on C$30 billion worth of U.S. imports effective immediately, Prime Minister Justin Trudeau told reporters on Tuesday. Trudeau made the announcement just hours after U.S. President Donald Trump slapped 25% tariffs on imports from Mexico and Canada.
In a rare media interview with CBS News, Buffett called tariffs an "act of war."
"Tariffs are actually, we've had a lot of experience with them. They're an act of war to some degree," Buffett said.
"Over time, they are a tax on goods. I mean, the Tooth Fairy doesn't pay 'em!" Buffett jokingly said. "And then what? You always have to ask that question in economics. You always say, 'And then what?'"
Ford Motor CEO Jim Farley on tariffs
Farley, at a conference in February, said tariffs will "blow a hole" in the U.S. auto industry, according to The New York Times.
"A 25 percent tariff across the Mexico and Canadian border will blow a hole in the U.S. industry that we have never seen," Farley said. "It gives free rein to South Korean and Japanese and European companies that are bringing one and a half to two million vehicles into the U.S. that wouldn’t be subject to those Mexican and Canadian tariffs."
GM CEO Mary Barra on tariffs
Pres. Trump touts tariffs during address to Congress
During President Donald Trump's address to Congress, he stated that there will be 'a little disturbance' when tariffs kick in and went on to say 'we're okay with that, it won't be much.' Lydia Mashburn Newman, the managing director of monetary economic at the American Institute for Economic Research, joins LiveNOW's Andrew Craft and Austin Westfall to break it down.
Barra said GM has been planning since November on how to mitigate impacts from tariffs, according to Automotive World. She believes the U.S. auto giant will be able to alleviate between 30-50% of potential tariffs that President Trump has threatened to impose, particularly those on imports from Canada and Mexico.
She said the company sources a "significant amount" of steel and aluminum from the U.S., CNBC reports.
Citadel CEO Ken Griffin on tariffs
Ken Griffin, founder and CEO of Citadel investment firm, criticized Trump’s "bombastic rhetoric" and said tariffs will hinder economic growth, Reuters reports.
"The uncertainty and chaos created by the tariff dynamics between us and our allies is an impediment to growth," he said at a conference hosted by UBS Group. "It makes it difficult for multinationals in particular to think about how to plan for the next five, 10, 15, 20 years."
Costco Board Chairman Tony James on tariffs
Tony James, chairman of the board for Costco and former president of private-equity firm Blackstone, said on CNBC that consumer confidence is down, and "the uncertainty coming out of Washington is causing businesses to slow down." He said tariffs are a big part of that.
"If you’re a business executive right now, you don’t know the path of the future, so that causes you to hold back on things temporarily," he said.
The Source: This report includes information from CNBC, The Associated Press, The New York Times, CBS News, Automotive World, Quartz, FOX Business and previous LiveNow from FOX reporting.