• Many companies are raising prices because of President Trump’s tariffs on imported goods.
• Major retailers like Walmart and Best Buy face higher costs that affect everyday items and electronics.
• Automakers and brands such as Nike, Adidas, and Mattel also plan price hikes to cover tariff expenses.

President Donald Trump’s tariffs on imports are causing price hikes for many well-known brands. These companies face higher costs and often pass them on to customers. This affects a wide range of products, from toys to electronics to clothing. Here are some of the key companies that are raising prices because of the tariffs.

Walmart Raises Prices Despite Strong Sales

Walmart announced in early May that it will raise prices due to tariff-related costs. Walmart CEO Doug McMillon said the company cannot absorb all tariff costs because retail margins are very thin. Even after a trade deal with China, Walmart must increase prices to cover higher import expenses.

For example, Walmart’s CFO John David Rainey said banana prices rose from 50 cents to 54 cents per pound. Car seats made in China that cost $350 might go up by $100. Baby strollers, also imported from China, will see price increases. Customers could notice these changes as soon as the end of May.

Mattel Plans Toy Price Increases

Mattel, the toy maker, announced in May it will raise prices on some toys in the U.S. to cover tariff costs. The company expects 40% to 50% of its toys will still cost $20 or less despite the hikes. However, Mattel said it is hard to predict how much customers will spend or how sales will perform this year. Around 40% of Mattel’s global production happens in China, making the tariffs impactful.

Best Buy Warns of Price Hikes on Electronics

Best Buy has warned that many vendors will pass tariff costs onto retailers, which will lead to higher prices for consumers. Some electronic parts currently have temporary tariff exemptions, but these will not last.

Nintendo, for example, delayed the pre-order date for its Switch 2 console due to tariff concerns. Although the console price will stay at $450, accessory prices are expected to rise because of changing market conditions.

Temu and Shein Adjust Prices

Online retailers Temu and Shein, both founded in China, announced price increases starting April 25, 2025. They ship many low-cost items directly from Chinese merchants. Temu sells a wide range of products like household goods and small electronics. Shein focuses on affordable clothing and cosmetics promoted by social media influencers.

Ralph Lauren Raises Prices More Than Expected

Ralph Lauren said in May that it will increase prices more than originally planned. This is to cover higher tariff costs. Price hikes were expected this fall, but now they will be larger this fall and next spring.

Car Makers Increase Vehicle Prices

Volvo’s CEO Håkan Samuelsson said customers will bear much of the cost from new tariffs the U.S. plans on EU imports starting June 1. Trump announced a 50% tariff on EU goods but delayed it until July 9 to allow for more talks.

Subaru also said it will raise prices on several vehicle models, citing market conditions, which likely include tariffs. Ford is increasing prices on three models made in Mexico. Ford called it usual mid-year pricing but confirmed tariffs contribute to the changes.

Nike and Adidas Announce Price Hikes

Nike will raise prices starting June 1. The company has not directly linked this to tariffs, but the timing matches many other brands raising prices due to trade tensions.

Adidas’ CEO said tariffs will eventually increase costs for all products in the U.S. Adidas plans to raise prices on clothing by $2 to $10. Shoe prices between $100 and $150 will increase by $5, while more expensive shoes could cost $10 more.

Stanley Black & Decker and Procter & Gamble React

Stanley Black & Decker raised prices on power tools by high single digits in April due to tariffs. They expect more price increases later in 2025.

Procter & Gamble said it may raise prices on some products depending on tariffs and market conditions.

What Tariffs Are in Place Now?

Currently, Trump has set these tariffs:

• About 30% tariffs on China for a 90-day period (reduced from 145%)
• Up to 25% tariffs on Mexico and Canada
• A baseline 10% tariff on most other countries
• Additional tariffs on autos, steel, aluminum, and plans for pharmaceutical drugs

Trump is working on new trade deals but has threatened more tariffs if those talks fail.

Apple Faces Possible New Tariffs

Trump threatened a 25% tariff on Apple products unless iPhones are made in the U.S. Apple CEO Tim Cook said most iPhones sold in the U.S. now come from India, and iPads and other devices come from Vietnam.