Target CEO Brian Cornell has announced that consumer prices for everyday items like strawberries, avocados, and bananas will rise due to recent tariffs. On March 4th, President Donald Trump implemented a 25% tariff on imports from Mexico and Canada and a 10% tariff on Chinese goods to combat drug trafficking and illegal immigration. These tariffs, especially affecting produce imported during winter months, will lead to significant cost increases for consumers. Espy's CEO, Corey Berry, also voiced concerns about the broader retail impact. This news comes amid declining consumer confidence due to inflation and global trade tensions.
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00:00Buyers, beware and brace yourself.
00:02CEO of Target has just announced that prices on everyday items like strawberries,
00:06avocados and bananas are set to rise in the coming days.
00:10Let's unpack what's behind these increases.
00:12But first, follow Benzinga to stay informed on how global events like this impact your wallet.
00:16On March 4, President Donald Trump implemented a 25% tariff on imports from Mexico and Canada,
00:22along with an additional 10% tariff on Chinese goods.
00:26These measures aim to address concerns over drug trafficking and illegal immigration,
00:30but have significant implications for consumer prices.
00:34Target CEO Brian Cornell highlighted that these tariffs would directly affect the
00:39cost of produce imported from Mexico, a key supplier, during winter months.
00:43Cornell also stated that the consumer will likely see a price increase over the next
00:47couple of days on items such as strawberries, avocados and bananas.
00:51The broader retail market is also feeling the pressure.
00:53Espy CEO Corey Berry expressed concerns that tariffs on goods from China and Mexico
00:59could lead suppliers to pass on increased costs to retailers,
01:02making price hikes for American consumers highly likely.
01:06These developments come at a time when consumer confidence is already wavering.
01:09In February, the Consumer Confidence Index experienced its most significant
01:13monthly decline since 2021, as inflation fears, reservice and global trade tensions escalate.
01:20As these tariffs take effect,
01:21it's essential to stay informed about how they impact your daily expenses.
01:25I've been Senga for the latest update on market changes and their effect on the cost of living.