Summary
Best Buy warned that Trump’s proposed tariffs on imports from China, Mexico, and Canada could raise prices on consumer electronics, as 60% of Best Buy’s inventory comes from China.
Trump plans to impose a baseline 10% tariff on all imports and a 60% tariff on Chinese goods to boost domestic manufacturing.
Retailers like Best Buy and industry groups like the Consumer Technology Association are preparing for supply chain disruptions by importing goods early or sourcing alternatives to avoid higher consumer prices.
Tariffs can also backfire like with China and their retaliatory tariffs . Some US companies rely on exports for a large part of their business.
It happened the last time Trump tried it. China slapped a tariff on an ag product, soy (iirc), China stopped buying, the government bailed out the farmers. Everyone lost except China.