Nike announces new price hikes: See what other retailers have done since Trump tariffs

USA Today

23-05-2025

Nike announces new price hikes: See what other retailers have done since Trump tariffs
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Tariffs prompting Walmart to raise prices in coming weeks
Walmart says they are raising prices soon due to President Donald Trump's tariffs and trade policy.
Nike is the latest retailer to announce price hikes amid President Donald Trump's elevated import tariffs.
The footwear giant plans to increase prices for adult apparel and equipment by $2 to $10 starting June 1.
Nike footwear that costs $100 to $150 is expected to rise by $5 while footwear that costs more than $150 will increase by $10, according to the company. There will be no price raises for children's products, items under $100 or Nike Air Force 1 shoes, or Jordan products.
"We regularly evaluate our business and make pricing adjustments as part of our seasonal planning," Nike said in a statement to USA TODAY that did not mention tariffs.
Fellow shoes and sportswear brands Adidas and Puma will likely follow suit with U.S. price hikes, according to Reuters.
Impending price increases aren't limited to the footwear industry. Retailers like Walmart and Best Buy have publicly announced impending price increases in response to the Trump Administration's imposed tariffs including a 30% one on China imports (previously 145%).
Here's what to know about the price hikes at various retailers, including Walmart and Amazon.
Adidas
In its first quarter earnings report in late April, Adidas CEO Bjørn Gulden confirmed the price of all its products will rise in the U.S. due to Trump's tariffs. The German footwear brand sources and manufactures its products from several countries in Asia, including China, Vietnam, Indonesia, India and Cambodia.
"Since we currently cannot produce almost any of our products in the U.S., these higher tariffs will eventually cause higher costs for all our products for the U.S. market," Gulden said in a statement.
Pumas
Earlier this month, Pumas reportedly limited the volume of merchandise it ships from China to the U.S. by 10% following the tariffs, according to Reuters.
Chief Financial Officer Markus Neubrand said the German footwear company would closely watch what rivals do regarding price hikes before implementing their own, Reuters reported.
"We don't want to be the leader in terms of the pricing change in the U.S. market," he said on May 8.
Walmart
Despite exceeding sales expectations in the first quarter, Walmart may soon increase prices for shoppers due to higher tariffs imposed by the Trump administration, according to earnings calls.
U.S. shoppers will start to see prices rise at the end of May and certainly in June, Walmart's Chief Financial Officer John David Rainey said in a CNBC interview.
Trump blasted the company on social media last weekend, accusing Walmart of unfairly blaming his tariffs for their expected price increases and ordering the world's largest retailer to 'eat the tariffs.'
In response, Walmart spokesperson Joe Pennington told USA TODAY: 'We'll keep prices as low as we can for as long as we can given the reality of small retail margins.'
Target
Target slashed its annual sales forecast on May 21 after reporting a sharp decline in quarterly sales, attributing the drop to weakened consumer confidence and a pullback in discretionary spending due to Trump's tariff war.
Target executives did not say whether they would raise prices due to tariffs when asked by reporters, according to Reuters, stating only that it continuously adjusts pricing.
Best Buy
In its most recent earnings report, released in early March before Trump's escalated tariffs took hold, Best Buy CEO Corie Barry projected that prices for U.S. consumers would rise.
"While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," Barry said in the March 4 call.
Best Buy's next earnings call is set for next week on Thursday, May 29.
Mattel
Mattel, the iconic maker of Barbie, said in its first quarter earnings report in early May that it plans to raise prices on American toys in direct response to the administration's new trade policies.
"The company is operating in an uncertain macro-economic environment with significant volatility, including changes in global trade policy and U.S. tariffs," the May 5 report said.
Along with Barbie, Mattel's most recognizable franchise brands include Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, Uno, Masters of the Universe, Matchbox, Monster High, Mega and Polly Pocket. Though an international brand, roughly half of Mattel's business is in the U.S., according to Chief Financial Officer Anthony DiSilvestro.
Amazon said it won't list tariff costs next to products
Amazon reported better-than-expected earnings and revenue for its first quarter on May 1. But like other large retailers in recent weeks, the company shied away from providing guidance amid tariff uncertainty.
Amazon CEO Andy Jassy said in a call with investors that Trump's on-again-off-again tariffs have made it hard to predict what impact they'll have on Amazon's businesses, according to CNBC. The 'diversity' of Amazon's third-party seller base means that some merchants aren't 'going to pass all or any of those tariffs on to customers," he said, though some third-party Amazon sellers already raised prices or pulled back on the amount of merchandise they sell through the site.
Amazon on April 29 denied a report that it planned to include the cost of tariffs on its main retail website, which had led the White House to slam the online retailer and prompted the president to call founder Jeff Bezos.
'The team that runs our ultra low cost Amazon Haul store considered the idea of listing import charges on certain products," Amazon spokeswoman Rachael Lighty said in statement to USA TODAY. "This was never approved and is not going to happen."
Home Depot holding steady on prices
One retailer planning to keep prices stable is Home Depot, the company said May 21.
"We intend to generally maintain our current pricing levels across our portfolio,' Chief Financial Officer Richard McPhail told CNBC, adding that a majority of company's products come from the U.S.
However, the chain said tariffs could make some products unavailable, Reuters reported.
Contributing: Reuters, Mary Walrath-Holdridge and Kathryn Palmer, USA TODAY