US companies are passing on the cost of President Donald Trump’s tariffs to consumers, leading to widespread price hikes across various sectors. Walmart, Mattel, Best Buy, and other major retailers have announced plans to increase prices due to the levies, which range from 10% to 30%. The impact is felt globally, with Chinese retailers Shein and Temu raising prices on products.
US consumers can expect higher costs for everyday items such as groceries, clothing, toys, and cars. Walmart CEO Douglas McMillon warned that the tariffs are “too high” and will lead to price increases. Mattel CEO Ynon Kreiz expects 40% to 50% of its products to remain priced at $20 or less, while Best Buy warned vendors would pass on tariff costs to retailers.
Meanwhile, electronics retailers and car manufacturers have also announced plans to raise prices due to tariffs. Ford’s CFO Sherry House said the company will increase US car prices by up to 1.5%. Procter & Gamble has hinted at price increases in some categories and markets, while Stanley Black & Decker raised prices by high single-digits earlier this year.
As Trump’s tariffs continue to escalate, companies are adapting to the new market conditions. Chinese retailers Shein and Temu have raised prices on products due to increased operating expenses. With prices set to rise across various sectors, US consumers can expect a significant impact from Trump’s trade policies.
Source: https://edition.cnn.com/2025/05/24/business/companies-raise-prices-trump-tariffs