Shoppers will likely see produce prices increase in the coming days due to President Donald Trump’s tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday.
The Trump administration’s 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday.
Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.
“Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.
“If there’s a 25% tariff, those prices will go up,” Cornell added.
Cornell said prices could rise for produce like strawberries, avocados and bananas.
During an investor day later that morning, Chief…
