Target, Best Buy Warn US Consumers of Tariff Price Hikes (2)

Target Corp. and Best Buy Co. warned consumers to expect higher prices as a direct result of the tariffs US President Donald Trump imposed on Mexico, Canada and China overnight.

Among the first comments on tariff impact from a major US retailer, Target Chief Executive Officer Brian Cornell told reporters Tuesday that “depending on the level of tariffs, we’re going to have to take some level of action.”

US consumers could see tariff-driven price increases quickly, especially for products like fresh produce with shorter supply chains, company executives said. Target’s price increases will vary by categories, and the retailer is ...