These companies expect to raise their prices due to Trump tariffs

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FILE-Customers self-check out at a supermarket in Manhattan on May 13, 2025 in New York City. (Photo by Liao Pan/China News Service/VCG via Getty Images)

President Donald Trump’s enforcement of tariffs is not only affecting consumers nationwide but also major brands who may increase their prices on their products and services to offset tariff costs.

Here are some of the companies that could hike prices because of the tariffs.

Walmart

Why you should care:

Walmart said in early May that it will be raising prices to counter higher costs from President Donald Trump’s tariffs, despite strong quarterly sales.

Even with the China deal, Walmart CEO Doug McMillon said during a quarterly earnings call that "we aren't able to absorb all the pressure given the reality of narrow retail margins," Axios reported.

"We will do our best to keep our prices as low as possible," Walmart's CEO Doug McMillon told industry analysts on May 15. "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."

By the numbers:

The price of bananas, imported from Costa Rica, spiked from 50 cents per pound, to 54 cents, Walmart chief financial officer John David Rainey told The Associated Press earlier this month. Rainey believes car seats made in China that currently sell for $350 at Walmart are projected to cost customers another $100. Rainey also shared with the AP that baby strollers are also sourced from China.

Even with the China deal, Walmart CEO Doug McMillon said during a quarterly earnings call that "we aren't able to absorb all the pressure given the reality of narrow retail margins."

Consumers could see higher prices as soon as the end of May, Walmart's chief financial officer, John David Rainey, told CNBC.

Mattel

Mattel announced on May 6 that it was planning to raise prices for some of its toys sold in the U.S. to balance higher costs related to Trump’s tariffs.

Mattel told the Associated Press earlier this month that even with price increases, it expects 40% to 50% of its toys will cost $20 or less.

But the company noted that it would be "difficult to predict" customer spending and the company’s U.S. sales for the rest of the year without more information.

Company executives told financial analysts on a conference call that China accounts for 40% of Mattel's global production.

Best Buy

Best Buy warned during a March earnings call that "vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," CNN reported.

Some electronic parts and devices are temporarily exempt from Trump’s tariffs. That won’t last forever.

Nintendo delayed the pre-order date for its Switch 2 video game console because of concerns regarding tariffs.

CNN reported that Nintendo said the cost of the console won’t change from the initial $450, but the accessories "will experience price adjustments from those announced on April 2 due to changes in market conditions."

Temu and Shein

In April, Temu and Shein, both China-founded online companies, announced a plan to raise prices for U.S. customers starting next week amid President Donald Trump’s tariff on goods shipped from China.

Temu and Shein said they would be making "price adjustments" starting April 25, 2025. The companies offer a variety of cheap merchandise, most shipped directly from merchants in China based on real-time demand. They both also use a flood of digital and influencer advertising.

Shein sells affordable clothes, cosmetics, and accessories through partnerships with social media influencers. Temu, which markets its goods through online ads, sells a wider collection of products, like household items, humorous gifts, and small electronics.

Ralph Lauren

Ralph Lauren said in May that it will raise prices more than previously planned to offset tariffs, the Wall Street Journal reported.

Additionally, some price hikes were already expected for the fall — but now, the increases are expected to be higher this fall and next spring, according to the Wall Street Journal.

Volvo

In a May 23 Truth Social post, President Donald Trump said he was recommending a 50% tariff on imports from the European Union starting on June 1. Volvo Cars CEO Håkan Samuelsson told Reuters that the Swedish car company's customers would have to pay a large part of tariff-related cost increases.

Subaru

Subaru told Reuters earlier this month that it would begin increasing prices on several vehicle models. The automaker explained that the changes were made in response to "current market conditions" but did not specifically cite tariffs.

Ford

Ford is also hiking sticker prices on three Mexico-produced models, according to Reuters. The changes were "usual mid-year pricing actions combined with some tariffs we are facing," a spokesperson told CNN, which reported the price increase would apply to cars built after May 2.

Nike

Nike plans to increase prices starting June 1, CNN noted, citing multiple reports. Although the sneaker and apparel titan didn’t mention Trump's tariffs as the reason for the price hikes, the change coincided with many other brands raising prices as a result of the trade war.

Adidas

In a statement late last month on the company's first quarter results, Adidas CEO Bjørn Gulden said higher tariffs would "eventually cause higher costs for all our products for the US market."

ABC reported that adult clothing and equipment prices could increase between $2 and $10, shoes and sneakers between $100 and $150 will increase by $5, while footwear over $150 will increase by up to $10.

Procter & Gamble, Stanley Black & Decker

In April, Stanley Black & Decker, which owns power tool brands, raised prices by an average of high single-digits because of tariffs. More price increases are expected later in 2025.

Procter & Gamble said in an April 24 earnings call that it would consider raising prices in some categories and markets.

What tariffs have been implemented so far?

Big picture view:

The following is a general overview of Trump’s tariffs currently in place, as of Monday:

About 30% tariffs on China for a 90-day period, down from 145%
As high as 25% tariffs on Mexico and Canada.
Universal baseline tariff of 10% on most countries, while Trump is working trade deals with various countries in coming weeks.
Trump has also placed various import taxes on autos, steel and aluminum and plans to do so on pharmaceutical drugs, among other products.

Is Trump planning to enforce more tariffs?

Local perspective:

On May 23, Trump threatened a 25% tariff on Apple products unless its iPhones are made in the U.S. — making the tech giant the latest company caught in the crosshairs of the White House’s tariff promises. In response to Trump’s import taxes on China, Apple CEO Tim Cook had previously said that most iPhones sold in the U.S. during the current fiscal quarter would come from India, with iPads and other devices being imported from Vietnam.

The president also moves to escalate his trade war with the EU — threatening to slap a 50% tax on all imports from the 27-nation bloc starting June 1. In a post on his social media site Truth Social, Trump claims that trade discussions with the EU are "going nowhere."

However, on May 25, Trump announced that we would delay the 50% tariff on the EU until July 9 to give the two sides more time to negotiate. The agreement came after a call with Ursula von der Leyen, the president of the European Commission.

The Source: Information for this story was provided by Axios, CNN, Reuters, the Wall Street Journal, and the Associated Press, which received comments from some company executives about the price increases related to tariffs. This story was reported from Washington, D.C.

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