The warning comes a day after Trump said he would implement one. A new round of tariffs First day in office in Mexico, Canada and China. Before the Nov. 5 election, he proposed a baseline 10% tariff on all U.S. imports and a 60% tariff on Chinese imports, arguing that such tariffs would protect domestic manufacturers. and encourage American companies to create jobs at home.
Barry told investors on the company’s Nov. 26 earnings call that any additional costs on U.S. imports from the three counties “will be shared by our customers,” noting that “it’s very little.” [the] replacing consumer electronics that are not imported.”
“These are goods that people need, and high prices are not helpful,” he added.
A price increase is not guaranteed, Barry cautioned, adding that any impact on retailer costs and prices depends on how any new tariffs are implemented.
“I think it’s going to be a very fluid situation as we continue to work through it,” he said, adding that the company will “make sure we keep the prices right for our customers.” Will do everything possible.”
Berry said during the call that Best Buy could try to partially offset the impact of the new tariffs by importing more goods before the tariffs take effect in 2025, as well as sourcing products from countries other than China. May work with vendors to About 60% of Best Buy’s products are imported from China.
“We are already planning for next steps and working with our vendor partners,” he said.
Berry’s comments are echoed by other retailers and manufacturers bracing for the impact of higher tariffs on their supply chains. The Consumer Technology Association (CTA) has warned That Trump’s proposed tariffs could lead to higher prices for smartphones, laptops and tablets, connected devices, video game consoles and computer accessories.
Several members of the trade group are “front-loading 2025 imports into 2024 to get ahead of the tariffs,” said Ed Burzetova, CTA’s vice president of international trade.
As much as possible price increases for consumers, “a lot of people are now waking up to the fact that this could be a reality,” he said.