The Texas Stores Raising Prices Due to New Tariffs

These stores, which have many locations in Texas, will likely be compelled to raise prices due to President Donald Trump's new tariffs.

President Trump's recent implementation of tariffs, affecting imports from China, Mexico, and Canada, will impact what you and I pay for across various product categories.

Quick review: These tariffs impose a 20% duty on Chinese imports, and a 25% duty on Mexican and Canadian imports. 

Given the tariffs, it's probably not surprising that retailers, including here in Texas, will need to raise prices to maintain their current profit margins.

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What stores do we already know will be raising prices?

Target has indicated that we will have to pay more for certain grocery items, especially fresh produce from Mexico. Guacamole will be more expensive, given that avocados will cost more. Strawberries and bananas will also be more expensive.

According to a New York Post story, Target's CEO, Brian Cornell, said the hikes could be felt as soon as this week.

Best Buy is also preparing to make price adjustments. The 20% tariff on Chinese imports is bound to affect the price of various electronics and/or appliances.

According to Business Insider, Best Buy's CEO, Corie Barry, said price hikes are 'highly likely' as the company prepares to deal with these changes.

Any other stores planning to raise prices at Texas stores with the implementation of the tariffs?

Last November, Walmart seemed to signal that price increases could occur, although Walmart CFO John Rainey said to CNBC that Walmart never wants to raise prices. However, it was likely that in some cases, prices could go up, according to a story from Newsweek.

Then in February, Rainey told CNBC that Walmart is 'adept at navigating tariffs by collaborating with suppliers, optimizing their private brand and adjusting supply chains to help keep costs low for consumers,' reports Newsweek.

Here's hoping.

We're all going to be in a period of adjustment while these changes become the new normal. At least for a little while.