Prices are expected to rise this year as several major companies prepare to adjust in response to President Donald Trump’s new tariffs.
While businesses typically cite many reasons for price hikes, some began pointing to tariffs well before Trump’s April 2 “Liberation Day,” when he announced a 10% baseline tariff on imports from most countries — excluding Canada and Mexico — along with a series of additional “reciprocal” tariffs.
The situation remains fluid, with multiple countries still negotiating potential trade agreements with the United States. Economists warn that Trump’s tariff policies, combined with uncertainty over trade rules, could drive consumer costs higher.
Here’s a breakdown of companies that have already raised prices or warned they may do so:
Adidas
Adidas confirmed it will raise US prices after taking a significant financial hit from tariffs, expecting costs to climb by around €200 million ($218 million) in the second half of the year. With 27% of its products sourced from Vietnam — facing a 20% tariff starting August 1 — and another 19% from Indonesia — facing 19% tariffs — the German brand says the pressure is unavoidable.
CEO Bjørn Gulden noted the company is unsure how inflation tied to tariffs will affect consumer demand.
AutoZone
AutoZone CEO Philip Daniele said during a September earnings call that tariffs have long influenced pricing strategies. If new tariffs are imposed, he said, the company will “pass those tariff costs back to the consumer.”
A 25% tariff on car imports could increase manufacturing costs by $4,000 to $12,000 per vehicle.
Best Buy
Best Buy CEO Corie Barry told investors in March that tariffs are likely to push prices higher across electronics. She explained that the global supply chain is “highly complex” and that vendors are expected to pass tariff costs onto retailers, making consumer price increases “highly likely.”
Camera makers Nikon, Canon, and Leica
Camera makers have begun raising prices in response to tariff impacts. Nikon announced price adjustments effective June 23, 2025. Canon confirmed increases are coming, though details are still being calculated. Leica raised prices May 1, explaining that new tariffs significantly raised import costs for optics and photography equipment.
Conagra
Conagra CEO Sean Connolly told Reuters that tariffs on key ingredients like cocoa, olive oil, and tin plate steel could force the company to raise food prices. Conagra produces brands such as Hunt’s ketchup and imports both steel and tomatoes from Mexico.
Columbia Sportswear
Columbia CEO Tim Boyle has warned repeatedly about tariffs, calling trade wars “not good and not easy to win.” He told The Washington Post the company is preparing to raise prices, stressing that keeping products affordable will be increasingly difficult.
Macy’s
Macy’s announced in May that it would raise prices selectively to offset tariffs. CEO Tony Spring said higher prices are gradually being introduced, while CFO Adrian Mitchell emphasized the company is targeting specific categories rather than applying across-the-board hikes.
Ferrari
Ferrari said in March it would raise US prices by up to 10% on select models beginning April 2 in response to tariffs on EU car imports.
Ford
Ford has already raised prices on some Mexico-produced vehicles and signaled further increases could follow unless tariffs are eased. Trump has floated temporary exemptions for automakers, but no blanket relief has been offered.
Hermès
The luxury retailer announced it would raise US prices in May specifically to offset tariffs, applying increases only to American markets.
Home Depot
Home Depot said in August that while most of its products are sourced domestically, some imported goods will face modest price increases. The company said it remains focused on keeping overall project costs affordable for customers.
Nike
Nike warned investors it expects $1 billion in extra tariff costs in 2026 and will begin implementing “surgical price increases” this fall in the US, though it has not specified which products will be affected.
Nintendo
Nintendo has raised prices on some older Switch models and accessories, citing “market conditions,” though the new Switch 2 has not been impacted yet.
Procter & Gamble
P&G, the maker of Tide and Charmin, is preparing for likely price hikes. Executives told CNBC they are reviewing brand-by-brand strategies to balance tariffs while keeping products competitive.
Shein and Temu
Both retailers announced in April that rising tariff costs would force them to increase prices starting April 25, 2025. The move comes as Trump also cracked down on the de minimis trade loophole, which had allowed shipments under $800 to enter the US duty-free.
Stanley Black & Decker
CEO Donald Allan said the company plans to counter tariffs with supply chain changes and price increases, though there may be a lag of several months before customers see adjustments.
Target
Target CEO Brian Cornell said a 25% tariff on goods from Mexico and Canada would likely increase produce prices. Shoppers have already seen some increases in-store.
Volkswagen
Volkswagen said it would add import fees to vehicles made outside the US in response to Trump’s 25% auto tariff. Prices remained stable through May but could rise in June.
Walmart
Walmart executives warned in May that tariffs would drive higher prices. CEO Doug McMillon said the impact is too significant for the company to absorb fully, meaning customers will see costs rise across categories.
