Trump tariffs will mean higher prices for U.S. consumers, major retailers say

Businesses large and small are bracing for the impact of the Trump administration's new tariffs on U.S. imports from Mexico, Canada and China — and preparing to pass on the pain to consumers. 

Best Buy CEO Corie Barry said this week that the electronics retailer is particularly exposed to the tariffs, noting that China and Mexico are the two largest suppliers of the company's products.

"[W]e expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," Barry said in a March 4 call with Wall Street analysts to discuss the company's latest financial results.