Amazon and Chinese brands like Temu and Shein are already raising prices due to US tariffs. The effects of these changes will be felt across various industries, with more companies expected to follow suit.
In a reported plan that White House Press Secretary Karoline Leavitt deemed “hostile and political,” Amazon was said to consider displaying the costs of Trump’s tariffs on imported goods. However, an Amazon spokesperson denied this claim, stating it was never approved and won’t happen.
Despite this, some Amazon sellers have raised prices due to tariffs, with others planning to opt out of Prime Day this year. Chinese brands like Temu and Shein have also increased prices in response.
Other companies that will likely be forced to raise prices include Best Buy, Autozone, Procter & Gamble, Adidas, Nintendo, Rolex, and Target. These businesses operate globally, making it difficult for them to avoid the impact of tariffs.
Best Buy CEO Corie Barry warned that consumers can expect price increases due to tariff costs passed down from vendors. Similarly, Autozone CEO Philip Daniele stated that they will pass on tariff costs to consumers. Procter & Gamble’s CFO Andre Schulten also mentioned possible price hikes starting in July.
The list of companies affected by US tariffs continues to grow as more businesses struggle with the rising costs. With more companies expected to raise prices, consumers can expect a noticeable impact on their wallets in the coming weeks.
Source: https://uk.finance.yahoo.com/news/7-companies-said-prices-likely-205342350.html