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https://abcnews.go.com/Business/companies-raising-prices-response-trumps- tariffs/story?id=120900637

President Donald Trump this month slapped tariffs on most products that
enter the United States. Economists widely expect the policy to raise
prices for U.S. shoppers as importers pass along a share of the tax
burden.

An across-the-board 10% tariff applies to nearly all imports, except for semi-conductors, pharmaceuticals and some other items. Those levies come
on top of specialized tariffs on steel, aluminum and autos. China, the third-largest U.S. trading partner, faces cumulative tariffs of a whopping 145%.

Plans for price hikes have already taken shape at an array of companies, ranging from fast-fashion retailer Shein to luxury sports car manufacturer Ferrari.

Here are the companies that have announced price increases as a result of Trump's tariffs:

Shein and Temu
A pair of China-based e-commerce companies, Shein and Temu, released
identical statements earlier this month announcing plans to increase
prices in response to Trump's tariffs. The price hikes will take effect on April 25, the companies said.

"Due to recent changes in global trade rules and tariffs, our operating expenses have gone up," the statements said. "To keep offering the
products you love without compromising on quality, we will be making price adjustments."

When Trump announced so-called "Liberation Day" tariffs on April 2, he
also closed what's known as the "de minimis" loophole, which allowed for duty-free import of goods valued at less than $800. The low-cost shipping
had helped fuel bargain shopping online for products made in China.

Nintendo
Nintendo, the Japan-based video game giant, announced on Friday the start
date of preorders for its highly anticipated Switch 2, saying the price
would remain at the level announced on April 2.

The bulletin came with a caveat, however. "Nintendo Switch 2 accessories
will experience price adjustments from those announced on April 2 due to changes in market conditions," the company said.

"Other adjustments to the price of any Nintendo product are also possible
in the future depending on market conditions," added Nintendo, which hosts
much of its manufacturing in China.

The Trump administration last week issued a tariff exemption for China-
made smartphones, computers, flat panel TV displays and other electronics.
The list left out video game systems, meaning they would remain subject to
145% tariffs on Chinese goods.

Best Buy
Best Buy CEO Corie Barry told analysts to expect price increases as a
result of higher tariffs.

"Tariffs at this level will result in price increases," Barry said on an earnings call in March, before Trump escalated tariffs a month later. "I
think it is very difficult to say, given the backdrop that we're in,
exactly, precisely how big that is."

Best Buy relies on a global supply chain, Barry added, noting the
company's top two sources of goods are Mexico and China. Both of those countries continue to be targeted by Trump's tariffs.

Hermès
French luxury goods manufacturer Hermès plans to raise prices for U.S. customers on May 1, a company executive said on an earnings call Thursday.

"The price increase that we're going to implement will be just for the
U.S. since it's aimed at offsetting the tariffs that only apply to the
American market, so there won't be price increases in the other regions,"
Eric du Halgouët, Hermès' executive vice president for finance, told
analysts.

The price hikes intend to "fully offset" the across-the-board 10% tariff
issued by Trump earlier this month, the company said.

Trump issued a 90-day pause of additional 20% tariffs on goods from the European Union as a part of a wider suspension of so-called "reciprocal tariffs."

AutoZone and Ferrari
AutoZone CEO Philip Daniele, who runs the Memphis-based car parts
retailer, told analysts in September the company would respond to tariffs
with price increases.

"We will pass those tariff costs back to the consumer," Daniele said on an earnings call.

AutoZone did not immediately respond to ABC News' request for comment
regarding its current plans for price increases.

Trump last month announced 25% auto tariffs, which apply to both vehicles
and car parts.

Within hours of the policy rollout, Ferrari said it would raise prices by
as much as 10% for some models to compensate for the tax burden.


--
November 5, 2024 - Congratulations President Donald Trump. We look
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We live in a time where intelligent people are being silenced so that
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