Walmart, Subaru, Mattel: These are the brands raising prices due to Trump's tariffs

Axios

25-05-2025

What do luxury apparel fans and little kids have in common?
Their favorite brands may have to hike prices due to tariff strain.
The big picture: From Ralph Lauren to Barbie maker Mattel, several household names have recently announced they're looking at higher prices in an effort to offset tariffs.
Driving the news: Even after a temporary deal this month reduced tariffs on China, the economic hangover persists — and uncertainty lingers even as the administration says more trade deals are coming.
Last month, CEOs from some of the nation's biggest retailers warned President Trump that his trade policies could disrupt supply chains, raise prices and empty shelves, Axios' Marc Caputo and Ben Berkowitz reported.
Between the lines: But the administration's steadfast position is that U.S. consumers don't bear the burden of tariffs and that foreign countries and producers do.
Commerce Secretary Howard Lutnick called claims to the contrary "silly arguments" — and then four days later, Walmart warned it would raise prices.
Even after that, the White House continued to insist its position was correct, with the president demanding Walmart "STOP trying to blame Tariffs as the reason for raising prices throughout the chain."
Thought bubble, from Axios' Ben Berkowitz: Higher prices are inevitable now, even if the trade war somehow ended today — supply chains are under stress, manufacturers are struggling with input costs, and retailers' warehouses are emptying out.
Inflation data doesn't show it yet, but consumers see it coming and expect it to be severe.
Here are the companies that said they will or may raise prices:
Walmart
Walmart officials said in mid-May that the company expects to raise some prices because of Trump's tariffs, Axios' Kelly Tyko reported.
Even with the China deal, Walmart CEO Doug McMillon said during a quarterly earnings call that "we aren't able to absorb all the pressure given the reality of narrow retail margins."
Consumers could see higher prices as soon as the end of May, Walmart's chief financial officer, John David Rainey, told CNBC.
Friction point: The company's announcement drew Trump's ire — and Treasury Secretary Scott Bessent said on NBC's "Meet the Press" that Walmart would in fact "eat some of the tariffs."
Ralph Lauren
Ralph Lauren said in May that it will raise prices more than previously planned to offset tariffs, the Wall Street Journal reported.
Some price increases were already expected for the fall — but now, the hikes will likely be even higher in the fall and following spring, per the WSJ.
Mattel
After Trump predicted his tariffs could mean dolls will cost "a couple" bucks more in the U.S., Mattel seemingly confirmed that.
The toy manufacturer said in early May that it would have to raise prices for some products sold in the U.S.
Roughly 80% of toys sold in the U.S. are made in China, Bloomberg reported.
Mattel also paused its financial guidance for the year, "given the volatile macro-economic environment and evolving U.S. tariff situation."
What they're saying: Chief Executive Officer Ynon Kreiz told investors that he still expects 40% to 50% of products to remain priced at $20 or less, CNN reported.
Trump also took aim at Mattel after it warned of price hikes, threatening to impose a 100% tariff on its products and saying "he won't sell one toy in the United States."
Volvo
Trump in a May 23 Truth Social post said he was recommending a 50% tariff on imports from the European Union starting on June 1.
If that were the case, Volvo Cars CEO Håkan Samuelsson told Reuters that the Swedish car company's customers would have to pay a large part of tariff-related cost increases.
Subaru
Subaru of America told Reuters in mid-May it would begin increasing prices on several vehicle models.
It said the changes were made in response to "current market conditions" but did not specifically cite tariffs.
Ford
Ford is also hiking sticker prices on three Mexico-produced models, Reuters first reported.
The changes were "usual mid-year pricing actions combined with some tariffs we are facing," a spokesperson told CNN, which reported the price increase would apply to cars built after May 2.
Nike, Adidas
In a statement late last month on the company's first quarter results, Adidas CEO Bjørn Gulden said higher tariffs would "eventually cause higher costs for all our products for the US market."
Nike plans to increase prices starting June 1, according to multiple reports. While the athletic-wear giant did not cite Trump's tariffs as the reason for the price hikes, the change coincided with many other brands raising prices as a result of the trade war.
ABC reported that adult clothing and equipment prices could increase between $2 and $10, shoes and sneakers between $100 and $150 will increase by $5, while footwear over $150 will increase by up to $10.