Groceries, Detergents, Diapers Get Costlier As Trump's Tariff Bite American Consumers
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The tariffs, which start at 10 per cent for most imports and reach 30 per cent for goods from China, have placed significant financial strain on retailers and manufacturers
President Donald Trump's wide-ranging tariffs on imports have unsettled both American businesses and consumers, with many companies now warning of looming price increases due to escalating import costs driven largely by the tariffs.
These tariffs, which start at 10 per cent for most imports and reach as high as 30 per cent for many goods from China, have placed significant financial strain on retailers and manufacturers, according to reports.
Several business leaders recently said that Trump's tariff move would increase prices of a variety of items, including groceries, diapers, detergents, toilet paper, clothes, toys, gaming devices and automobiles.
Americans are set to face higher prices as companies such as Procter & Gamble, Adidas, Sony, Mattel, and major retailers like Walmart move to increase product costs.
Prices on a broad range of goods are rising as US businesses respond to increased import costs following the implementation of the Trump administration's tariff policy.
Retail giant Walmart announced it would raise prices, particularly on products made and imported from China, due to tariffs being 'too high," reported CNN.
'We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins," Walmart CEO Douglas McMillon said.
Walmart's Chief Financial Officer, John David Rainey, told CNBC that price adjustments are expected by the end of May, with more substantial increases likely in June.
Ford, Best Buy, and several other retailers have also signalled that they might raise prices in the near future.
Household goods giant Procter & Gamble (P&G), which owns brands like Pampers, Tide, and Charmin, said on April 24 that it is considering price hikes in certain categories.
CEO Jon Moeller told CNBC that consumer price increases are 'likely," as 'tariffs inherently drive inflation," meaning everyday items like diapers, detergents, and toilet paper are set to become more expensive.
Adidas, the major sportswear and footwear company, indicated that prices in the US could increase amid continued uncertainty over President Trump's evolving tariff policies.
'Given the uncertainty around the negotiations between the US and the different exporting countries, we do not know what the final tariffs will be," Adidas CEO Bjrn Gulden said in an earnings release on April 29, according to CNN.
According to a BBC report, Nike is also planning to increase prices on certain sneakers and apparel in the US starting in early June.
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