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Yahoo
24 minutes ago
- Yahoo
Home Depot becomes the latest company to raise their prices due to Trump's tariffs
Home Depot has become the latest U.S. company to warn customers it may have to raise its prices on the shelves in response to President Donald Trump's divisive tariff strategy. Until now, the home improvement retailer, which is based in Atlanta, Georgia, has been reticent about commenting on the Republican's aggressive trade tactics and their possible impact on its business. But announcing the company's quarterly results on Tuesday, CFO Richard McPhail admitted it may have to act to mitigate the impact of Trump's tax on imported materials from overseas. 'For some imported goods, tariff rates are significantly higher today than they were at this time last quarter,' McPhail told The Wall Street Journal. 'So as you would expect, there will be modest price movement in some categories, but it won't be broad-based.' Just under half of Home Depot's stock is bought in from retailers outside of the U.S., according to CNN, and the company has previously suggested that it will seek to diversify its supply base so that no one foreign country is responsible for more than 10 percent of its goods to shield itself from overexposure. The health of Home Depot is often seen as a good indicator of the state of the U.S. housing market in general, and its sales for the second quarter proved worse-than-expected, according to its latest earnings call, coming in at 1 percent rather than the 1.5 percent predicted by analysts. Its total customer transactions fell to 0.9 percent for the quarter, its executives said. Still, the average ticket size rose by 1.2 percent, and the company said its full-year forecasts remained on course despite the choppy headwinds likely to be forthcoming. Home Depot came into more direct conflict with the president's MAGA movement on Monday when it was forced to ask the Republican Party of Florida to pull a line of deportation-themed merchandise from its online store that parodied its corporate insignia without authorization. 'We don't allow any organization to use our branding or logo for their commercial purposes,' Sarah McDonald, its director of public affairs, told The Independent. The full impact of Trump's much-changed tariff policy has yet to be felt. However, businesses are beginning to feel the first ripples of the consequences of the administration's policies after eight months in power. Last week, AriZona Iced Tea's Don Vultaggio said he might reluctantly have to crank up the price of his $0.99 Big Can in response to Trump's 50 percent levies on imported steel and aluminum, which his business relies on for its receptacles. 'At some point, the consumer is going to have to pay the price,' Vultaggio said. 'I hate even the thought of it. It would be a hell of a shame after 30-plus years.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
38 minutes ago
- Bloomberg
Trump Demands Lisa Cook Resign From Fed Board
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Wally Adeyemo, former US Deputy Treasury Secretary under the Biden Administration, discusses how President Trump's pressure campaign to get Federal Reserve Governor Lisa Cook to resign attacks the Fed's independence. Danielle DiMartino Booth, QI Research CEO & Chief Strategist, on what to expect to hear from Federal Reserve Chairman Powell's speech at Jackson Hole. Leon Panetta, Former US Secretary of Defense, on what security guarantees the US and Europe should give to Ukraine. Databank CEO, Raul Martynek, on can the US energy grid support the demand from AI, and Rob Bonta (D) California Attorney General talks about California joining the growing redistricting war. (Source: Bloomberg)
CNN
an hour ago
- CNN
MAGA merch stocked in room near Oval Office
MAGA merch stocked in room near Oval Office President Donald Trump was seen in a social media video and photo showing off "Trump 2028" hats and a wall stocked with merch to the leaders of foreign countries at the White House. 01:13 - Source: CNN Vertical Politics of the Day 12 videos MAGA merch stocked in room near Oval Office President Donald Trump was seen in a social media video and photo showing off "Trump 2028" hats and a wall stocked with merch to the leaders of foreign countries at the White House. 01:13 - Source: CNN Abby Phillip responds to Jillian Michaels' false claims on slavery CNN's Abby Phillip responds to fitness expert Jillian Michaels' claims that President Donald Trump is not "whitewashing" slavery by attacking exhibits at the Smithsonian museums that he says focus too much on the subject. 02:23 - Source: CNN Trump refers to himself as a 'war hero' when calling Netanyahu one During an interview on 'The Mark Levin Show,' President Donald Trump called Israeli Prime Minister Benjamin Netanyahu a 'war hero' and said he is one too after US strikes on Iranian nuclear sites earlier this year. Former GOP Rep. Adam Kinzinger joins CNN's Erin Burnett to discuss. 01:02 - Source: CNN Will Epstein files becoming public give us any new details? The House Committee on Oversight and Government Reform intends to make public some files it subpoenaed related to the Jeffrey Epstein case, though it will first redact them to shield victims' IDs and other sensitive matters. 01:51 - Source: CNN Texas Democrats return as GOP pushes ahead with redistricting Texas Democrats returned to Austin to cheers and applause after a 15-day protest against the GOP's new congressional maps, which could give the Republicans an additional five US house seats. 01:14 - Source: CNN Why a confirmed date for a Putin-Zelensky meeting is so critical While the White House insists President Donald Trump wants to broker peace between Russia and Ukraine as soon as possible, President Vladimir Putin has not committed to a meeting with President Volodymyr Zelensky. CNN Senior White House Correspondent Kristen Holmes breaks down why setting an exact date is critical. 01:12 - Source: CNN Texas Democrat spends night on House floor Rep. Nicole Collier (D-TX) spent the night on the Texas House floor in protest after refusing a Republican demand to be placed under the watch of the state Department of Public Safety. CNN's Arlette Saenz reports. 01:19 - Source: CNN Russian media reacts positively to Trump-Putin Summit Russian state TV gave a positive coverage of the outcome of the Trump-Putin summit in Alaska, celebrating the handshake between the two leaders. Russian officials also stated that the meeting resulted in progress on sanctions and opened up room for future negotiations. CNN's Fred Pleitgen reports. 01:23 - Source: CNN Protesters condemn 'no deal' outcome of Trump-Putin talks Protesters in Alaska said they're not surprised that President Donald Trump and Russian President Vladimir Putin didn't reach a deal on the war in Ukraine. 01:08 - Source: CNN Putin makes faces as journalists ask about Ukraine Russian President Vladimir Putin did not respond to reporters' questions about the war in Ukraine as his meeting with President Donald Trump and top aides was set to begin. Putin appeared to make a confused expression as multiple journalists began shouting questions. 00:13 - Source: CNN DC attorney general sues Trump admin. over police takeover DC Attorney General Brian Schwalb filed a lawsuit against the Trump administration over its moves to take over the city's police department and appoint an emergency commissioner. Schwalb spoke with CNN's Wolf Blitzer and Pamela Brown about the lawsuit. 00:58 - Source: CNN Lavrov appears to wear CCCP sweater Russian Foreign Minister Sergey Lavrov arrived in Alaska wearing a sweater that appears to say "CCCP." In a reference to the Soviet Union, CNN's Max Foster looks at what this look could mean ahead of President Trump and Putin's summit. 00:47 - Source: CNN
