Walmart announced on April 15 that it would raise prices because the tariffs imposed by former President Donald Trump were “too high,” particularly on goods made in China.
“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,” said Walmart CEO Douglas McMillon during an earnings call.
According to the company’s chief financial officer John David Rainey, price changes at Walmart will likely take effect by the end of May, with prices increasing “much more” in June.
Mattel: “We Expect 40% to 50% of Products to Remain Priced at $20 or Less”
Toy manufacturing giant Mattel disclosed on May 6 that it would raise prices due to tariffs. CEO Ynon Kreiz told investors:
“Under the current scenarios we are considering,” he expects “40% to 50% of its products to remain priced at $20 or less.”
Kreiz also advocated for the elimination of global tariffs on toys and games. In response, Trump threatened:
“I would put a 100% tariff on his toys, and he won’t sell one toy in the United States, and that’s their biggest market.”
Best Buy: “Price Increases for American Consumers Highly Likely”
Best Buy warned during a March earnings call:
“Vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.”
While some electronics were temporarily exempt, those exemptions aren’t expected to last. Nintendo delayed its Switch 2 console pre-order due to tariff concerns. Though the $450 console price stayed the same, accessories saw price changes due to “market conditions.”
Sony CFO Lin Tao added during an earnings call:
“We may pass on the price.”
Shein and Temu: “Price Adjustment Starting April 25, 2025”
Previously protected by the “de minimis” exemption, Chinese retailers Shein and Temu are now affected after Trump signed an executive order removing the provision.
Temu stated:
“Due to recent changes in global trade rules and tariffs, our operating expenses have gone up. To keep offering the products you love without compromising on quality, we will be making price adjustment starting April 25, 2025.”
Both Shein and Temu raised prices. CNN noted two patio chairs on Temu rose from $61.72 on April 24 to $70.17 on April 25. A bathing suit set on Shein jumped from $4.39 to $8.39 — a 91% increase.
Ford and Subaru: Cars Face Up to 25% Tariffs
Automakers are feeling the pinch as well. Ford’s CFO Sherry House said car prices may increase by as much as 1.5% in the second half of 2025 due to tariffs.
Ford extended its “employee pricing” offer through July, citing consumer demand before tariffs took hold.
Subaru also confirmed it will increase U.S. prices, noting:
“The changes were made to offset increased costs while maintaining a solid value proposition for the customer,” according to a Subaru of America spokesperson.
The spokesperson emphasized:
“Subaru pricing is not based on the country of origin of its products.”
Ford, meanwhile, has pulled its 2025 guidance and anticipates a $1.5 billion tariff impact this year.
Procter & Gamble: “Tariffs Are Inherently Inflationary”
Procter & Gamble, the maker of household staples like Pampers and Charmin, hinted at upcoming price hikes. During an April 24 earnings call, the company stated it would consider raising prices in “some categories and markets.”
CEO Jon Moeller told CNBC:
“There will likely” be price increases for consumers because “tariffs are inherently inflationary.”
Stanley Black & Decker: Price Hikes in the “High Single-Digits”
Stanley Black & Decker responded to tariffs with an average price increase in the high single-digits in April. The company indicated that another round of increases is expected later this year.
Adidas: “Cost Increases… Will Eventually Cause Price Increases”
Adidas joined the list of companies warning of rising prices. CEO Bjørn Gulden said in an April 29 earnings release:
“Given the uncertainty around the negotiations between the US and the different exporting countries, we do not know what the final tariffs will be.”
He added:
“Cost increases due to higher tariffs will eventually cause price increases.”
Conclusion: Tariffs Push Prices Across the Board
From cars and clothes to electronics and toys, companies across industries have begun warning consumers: the cost of tariffs is coming for your wallet. Whether citing “market conditions,” “inflationary pressures,” or the removal of tax exemptions, businesses are signaling one thing loud and clear — higher prices are on the horizon.
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