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click","/business-news"]]" href="/business-news"><div class="sc-fek4t4-1 bmGKQq">Business News</div></a></div><header class="sc-1efpnfq-1 blDizU"><h1 class="sc-1efpnfq-0 cYyCmI">Best Buy says Trump's tariffs could drive up prices for electronics</h1></header><h2 class="sc-1xcxnn7-0 fCEKlY js_regular-subhead">Best Buy CEO Corie Barry said customers will bear the biggest impact of the president-elect's proposed tariffs</h2></div></div><div class="sc-157agsr-0 kQaSNa"><main class="sc-11qwj9y-1 dAHyXr"><div class="sc-11qwj9y-0 gkxmUx"><script type="application/ld+json">{"@type":"NewsArticle","@context":"http://schema.org","url":"https://qz.com/best-buy-q3-2024-trump-tariffs-retail-electronics-1851708483","author":[{"@type":"Person","name":"Francisco Velasquez"}],"headline":"Best Buy says Trump's tariffs could drive up prices for electronics","description":"Best Buy CEO Corie Barry said customers will bear the biggest impact of the president-elect's proposed tariffs","dateline":"11/26/2024 at 13:19","datePublished":"2024-11-26T13:19:00-05:00","dateModified":"2024-11-26T13:23:58-05:00","mainEntityOfPage":{"@type":"WebPage","url":"https://qz.com/best-buy-q3-2024-trump-tariffs-retail-electronics-1851708483"},"mentions":[{"@type":"Corporation","@context":"http://schema.org","name":"AutoZone Inc.","tickerSymbol":"AZO","url":"https://qz.com/quote/AZO"},{"@type":"Corporation","@context":"http://schema.org","name":"Best Buy Co. Inc.","tickerSymbol":"BBY","url":"https://qz.com/quote/BBY"},{"@type":"Corporation","@context":"http://schema.org","name":"Home Depot Inc.","tickerSymbol":"HD","url":"https://qz.com/quote/HD"},{"@type":"Corporation","@context":"http://schema.org","name":"Lowe's Companies Inc.","tickerSymbol":"LOW","url":"https://qz.com/quote/LOW"},{"@type":"Corporation","@context":"http://schema.org","name":"Walmart Inc.","tickerSymbol":"WMT","url":"https://qz.com/quote/WMT"}],"image":{"@type":"ImageObject","height":675,"width":1200,"url":"https://i.kinja-img.com/image/upload/c_fill,h_675,pg_1,q_80,w_1200/f0d56db862d07164cb5fe31fe96c5a28.jpg","thumbnail":{"@type":"ImageObject","height":180,"width":320,"url":"https://i.kinja-img.com/image/upload/c_fill,h_180,pg_1,q_80,w_320/f0d56db862d07164cb5fe31fe96c5a28.jpg"}},"isAccessibleForFree":"False","hasPart":{"@type":"WebPageElement","isAccessibleForFree":"False","cssSelector":".js_regwalled-content"},"articleBody":"Best Buy (BBY) may have no choice but to raise prices on electronics if President-elect Donald Trump’s tariff proposals on imports are implemented, according to the retailer’s CEO, Corie Barry.\n\nBarry cautioned that if Trump’s tariffs on Chinese and Mexican imports are reintroduced or expanded, it could drive up the cost of electronics, making already expensive gadgets even pricier.\n\n“Costs will be shared by our customers,” Barry told investors during the company’s Nov. 26 earnings call. \n\nBest Buy missed Wall Street’s expectations for the third quarter, reporting revenue of $9.45 billion, about $1.26 earnings per share. Analysts had forecasted $9.63 billion in revenue, roughly $1.30 earnings per share. The retailer also lowered its full-year sales forecast to a range of $41.1 billion to $41.5 billion, down from its previous guidance of $41.3 billion to $41.9 billion. The lower forecast and earnings miss underscore the broader challenges the company faces, including rising import costs due to tariffs. \n\nBarry’s comments about tariffs highlight the complexity of global supply chains in the consumer electronics industry. Best Buy, like many retailers, relies heavily on imports — particularly from China and Mexico — to stock its shelves. According to Barry, about 60% of the goods Best Buy sells are sourced from China, a number that has remained consistent despite the company’s efforts to diversify its supply chain. These efforts were further complicated by the Covid-19 pandemic, she added.\n\nWhile Best Buy has worked with vendors to shift production away from China where possible, the reality is that tariffs would increase prices on most of their products, Barry explained. Mexico, she added, is Best Buy’s second largest source of imports. \n\n“There’s very little in the consumer electronics space that is not imported,” she said. \n\nTrump’s tariff proposals would impose a 10% to 20% tax on imports from all countries, with much higher duties of 60% to 100% on Chinese goods.\n\n\n“The situation remains very fluid” as the company works with its vendor partners to adjust pricing strategies and product assortments to mitigate the impact on customers, said Barry. She acknowledged that while the burden of tariffs is usually shared between vendors, retailers, and consumers, it’s ultimately customers who tend to feel the most significant pinch.\n\n“Higher prices are not helpful,” Barry said, noting that “these are the goods that people need.”\n\nIndustry experts, including the National Retail Federation (NRF) and Consumer Technology Association (CTA) have warned that tariffs would likely lead to higher prices on everyday electronics. \n\nRetailers like Walmart and AutoZone (AZO), as well as home improvement giants Home Depot (HD) and Lowe’s (LOW), also have signaled they may raise prices if Trump’s tariffs are implemented.\n\n","articleSection":"best buy","keywords":["best buy","walmart","trump tariffs","consumer technology association","customs duties","corie barry","chinaunited states trade war","donald trump","tariff","lowes","economic history of the united states","international taxation","autozone","business finance","consumer electronics","national retail federation","home depot"],"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Quartz","url":"https://qz.com","logo":{"@type":"ImageObject","width":500,"url":"https://x.kinja-static.com/assets/images/logos/newsletter/quartz-500px.png"},"sameAs":["https://www.facebook.com/quartznews","https://www.youtube.com/channel/UC9f78Z5hgtDt0n8JWyfBk8Q","https://twitter.com/qz","https://instagram.com/qz"]},"video":[]}</script><div class="js_starterpost"><div class="sc-1fofo4n-0 dvJeFx"><div class="sc-83o472-4 jxOBOC"><div class="sc-83o472-0 ehisvA"><div class="sc-1jc3ukb-0 AVNwg"><div class="sc-1jc3ukb-4 gSRUuI"><span>By</span><div class="sc-1mep9y1-0 sc-1ixdk2y-0 iVflSZ iWcoBg"><a class="sc-1out364-0 dPMosf js_link" data-ga="[["Permalink meta","Author click","https://kinja.com/fvelasquez"]]" href="/author/fvelasquez">Francisco Velasquez</a></div></div></div><div class="sc-83o472-10 YLYps"><div class="sc-1jc3ukb-2 hHUrUU"><time class="sc-uhd9ir-0 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class="sc-xs32fe-0 hKyVvC js_post-content"><figure class="sc-1eow4w5-1 fuSEnv align--bleed js_marquee-assetfigure" id="" data-id="f0d56db862d07164cb5fe31fe96c5a28" data-recommend-id="image://f0d56db862d07164cb5fe31fe96c5a28" data-format="jpg" data-width="8192" data-height="5464" data-lightbox="true" data-recommended="false" data-hide="false" contenteditable="false" draggable="false"><div class="sc-1eow4w5-2 fDJNBs has-data img-wrapper" contenteditable="false" style="max-width:8192px" data-link-reference="" data-link-target="" data-syndicationrights="true" data-imagerights="getty" data-hide="false" data-hidecredit="false"><span class="sc-1eow4w5-0 knmQPh js_lightbox-wrapper"><div class="sc-1m41dwj-0 jwxrZb magnifier js_lightbox lightbox hide"><span class="sc-iyvn34-0 keEGDF"><svg xmlns="http://www.w3.org/2000/svg" width="18" height="18" aria-label="ZoomIn icon" viewBox="0 0 18 18"><path fill-rule="evenodd" d="M10.5 1a6.5 6.5 0 1 1-4.23 11.44l-4.42 4.41a.5.5 0 0 1-.7-.7l4.41-4.42A6.5 6.5 0 0 1 10.5 1zm0 1a5.5 5.5 0 1 0 0 11 5.5 5.5 0 0 0 0-11zm0 2c.28 0 .5.22.5.5V7h2.5a.5.5 0 0 1 .5.41v.09a.5.5 0 0 1-.5.5H11v2.5a.5.5 0 0 1-.41.5h-.09a.5.5 0 0 1-.5-.5V8H7.5a.5.5 0 0 1-.5-.41V7.5c0-.28.22-.5.5-.5H10V4.5a.5.5 0 0 1 .41-.5z"></path></svg></span></div><div style="padding-bottom:66.7%" class="sc-1eow4w5-3 hGpdBg"><picture class="sc-epkw7d-0 diKDHf"><source media="(max-width: 37.31em)" type="image/jpeg" srcset="https://i.kinja-img.com/image/upload/c_fit,q_60,w_645/f0d56db862d07164cb5fe31fe96c5a28.jpg"/><source media="(min-width: 37.37em)" type="image/jpeg" srcset="https://i.kinja-img.com/image/upload/c_fit,q_60,w_1315/f0d56db862d07164cb5fe31fe96c5a28.jpg"/><img alt="Image for article titled Best Buy says Trump&#39;s tariffs could drive up prices for electronics" data-chomp-id="f0d56db862d07164cb5fe31fe96c5a28" data-format="jpg" data-height="5464" data-alt="Image for article titled Best Buy says Trump&#39;s tariffs could drive up prices for electronics" data-anim-src="" src="https://i.kinja-img.com/image/upload/c_fit,q_60,w_645/f0d56db862d07164cb5fe31fe96c5a28.jpg"/></picture></div></span><div class="sc-1xgz690-0 hvSdOV image-meta"><figcaption class="sc-7s1ndr-0 KimBL no-caption">Image: Bruce Bennett (Getty Images)</figcaption></div></div><span data-id="f0d56db862d07164cb5fe31fe96c5a28" data-recommend-id="image://f0d56db862d07164cb5fe31fe96c5a28" data-format="jpg" data-width="8192" data-height="5464" data-lightbox="true" data-recommended="false" data-hide="false" class="js_recommend"></span></figure><div class="sc-r43lxo-1 cwnrYD"><section><h6 class="sc-nespl-0 gvWQWk">In This Story</h6><div class="sc-nespl-1 hEDfar"><a href="https://qz.com/quote/BBY" target="_blank" data-ga="[["Stock Pills","Stock Pill Click","https://qz.com/quote/BBY"]]" class="sc-nespl-2 ZYPxW"><span>BBY</span></a><a href="https://qz.com/quote/WMT" target="_blank" data-ga="[["Stock Pills","Stock Pill Click","https://qz.com/quote/WMT"]]" class="sc-nespl-2 ZYPxW"><span>WMT</span></a><a href="https://qz.com/quote/AZO" target="_blank" data-ga="[["Stock Pills","Stock Pill Click","https://qz.com/quote/AZO"]]" class="sc-nespl-2 ZYPxW"><span>AZO</span></a><a href="https://qz.com/quote/HD" target="_blank" data-ga="[["Stock Pills","Stock Pill Click","https://qz.com/quote/HD"]]" class="sc-nespl-2 ZYPxW"><span>HD</span></a><a href="https://qz.com/quote/LOW" target="_blank" data-ga="[["Stock Pills","Stock Pill Click","https://qz.com/quote/LOW"]]" class="sc-nespl-2 ZYPxW"><span>LOW</span></a></div></section><p class="sc-77igqf-0 fnnahv">Best Buy (<span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/quote/BBY",{"metric25":1}]]" href="https://qz.com/quote/BBY" target="_blank" rel="noopener noreferrer">BBY</a></span>) may have no choice but to <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/walmart-raises-prices-if-trump-tariff-proposal-retail-1851702964?_gl=1*46cjpc*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MjQ0Ny42MC4wLjA.",{"metric25":1}]]" href="https://qz.com/walmart-raises-prices-if-trump-tariff-proposal-retail-1851702964?_gl=1*46cjpc*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MjQ0Ny42MC4wLjA." target="_blank" rel="noopener noreferrer">raise prices</a></span> on electronics if President-elect Donald Trump’s <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/donald-trump-business-tariffs-tax-cuts-regulation-1851691871?_gl=1*46cjpc*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MjQ0Ny42MC4wLjA.",{"metric25":1}]]" href="https://qz.com/donald-trump-business-tariffs-tax-cuts-regulation-1851691871?_gl=1*46cjpc*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MjQ0Ny42MC4wLjA." target="_blank" rel="noopener noreferrer">tariff proposals</a></span> on imports are implemented, according to the retailer’s CEO, Corie Barry.</p><div class="sc-zw09q1-0 kFrQuT js_suggested-stories"><div class="sc-zw09q1-5 jgKdrQ"><h4 class="sc-zw09q1-1 djsdWN">Suggested Reading</h4><div class="sc-zw09q1-2 lhebUw"><div class="sc-zw09q1-3 eFlqwH"><a class="sc-1out364-0 dPMosf sc-zw09q1-4 hbBuOd js_link" data-ga="[["Gateway Click: Suggested Stories | labeled","inset post click - 0","/gateway/weekend-tech-innovation-roundup-november-30-2024-1851710378",{"metric19":1}]]" href="/gateway/weekend-tech-innovation-roundup-november-30-2024-1851710378" rel="nofollow">Elon Musk's 'animal spirits,' Apple misses out, and SpaceX to the moon: Tech news roundup</a></div><div class="sc-zw09q1-3 eFlqwH"><a 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instream-permalink instream-native-video--mobile"><div class="sc-1h0epat-0 kduTao"><div class="sc-1wkneyl-4 kDKXjm video-html5-playlist" data-playlist="197381,197379,197378" data-current="197381"><div class="sc-1wkneyl-0 hAZDOz video-html5-loaded"><div class="sc-1wkneyl-1 jShsAa video-html5-player"><div class="sc-lhhce6-0 ldLvgq video-html5 autoplay muted mobile" data-video-id="197381" data-monetizable="true" data-position="sidebar" data-video-title="Donald Trump's best and worst cabinet picks, according to an analyst" data-video-blog-id="1638532506" data-video-network="quartz" data-video-duration="378"><div class="sc-lhhce6-2 emBeiF video-top-bar"><div class="sc-lhhce6-3 lpgZMc">Donald Trump's best and worst cabinet picks, according to an analyst</div></div><video disablepictureinpicture="" muted="" playsinline="" width="100%" height="100%" crossorigin="anonymous" preload="none" style="max-height:none"><source data-src="https://vid.kinja.com/prod/197381/197381_240p.mp4" label="240p" 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class="sc-1wkneyl-2 bVFRGB video-html5-info"><div><div class="sc-1ltrdwy-0 fSHIBC"><a class="sc-1out364-0 dPMosf sc-1ltrdwy-1 TvkzK js_link" data-ga="[["Video Player Interaction","Title click","kinjavideo-197381"]]" href="https://qz.com/donald-trump-best-worst-cabinet-picks-bessent-dr-oz-1851708612" data-key="permalink"><span data-key="title" class="sc-1ltrdwy-2 gXhePv">Donald Trump's best and worst cabinet picks, according to an analyst</span></a></div></div></div></div></div></div></div></div></div></div><p class="sc-77igqf-0 fnnahv">Barry cautioned that if Trump’s tariffs on Chinese and Mexican imports are reintroduced or expanded, it could drive up the cost of electronics, making already expensive gadgets even <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/trump-tariff-proposal-china-10-items-apparel-shoes-1851697980",{"metric25":1}]]" 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href="https://qz.com/janet-yellen-trump-tariffs-increase-prices-china-biden-1851674883">Janet Yellen will go after Donald Trump by warning that raising tariffs is 'deeply misguided'</a></div><span class="sc-iyvn34-0 keEGDF"><svg xmlns="http://www.w3.org/2000/svg" width="18" height="18" aria-label="ChevronRight icon" viewBox="0 0 18 18"><path fill-rule="evenodd" d="M6.16 14.13a.5.5 0 1 0 .68.74l6-5.5a.5.5 0 0 0 0-.74l-6-5.5a.5.5 0 1 0-.68.74L11.76 9l-5.6 5.13z"></path></svg></span><div class="sc-1xxadal-4 jCQOYE"><a class="sc-1out364-0 dPMosf sc-1xxadal-5 gLktip js_link" data-ga="[["Related Stories Inset","Position 2","https://qz.com/donald-trump-tariff-tax-ken-griffin-anxious-deport-doge-1851702619"]]" href="https://qz.com/donald-trump-tariff-tax-ken-griffin-anxious-deport-doge-1851702619">Trump's tariff policies have hedge fund billionaire Ken Griffin feeling 'very anxious'</a></div></div></div></div><div class="sc-1xxadal-0 bKGfty js_related-stories-inset" data-vtas-click="inner:Recommendation:related-stories-inset"><div class="sc-1xxadal-6 jLqHKJ"><h4 class="sc-1xxadal-1 zjtig">Related Content</h4><div class="sc-1xxadal-3 cpbrOh"><span class="sc-iyvn34-0 keEGDF"><svg xmlns="http://www.w3.org/2000/svg" width="18" height="18" aria-label="ChevronRight icon" viewBox="0 0 18 18"><path fill-rule="evenodd" d="M6.16 14.13a.5.5 0 1 0 .68.74l6-5.5a.5.5 0 0 0 0-.74l-6-5.5a.5.5 0 1 0-.68.74L11.76 9l-5.6 5.13z"></path></svg></span><div class="sc-1xxadal-4 jCQOYE"><a class="sc-1out364-0 dPMosf sc-1xxadal-5 gLktip js_link" data-ga="[["Related Stories Inset","Position 1","https://qz.com/janet-yellen-trump-tariffs-increase-prices-china-biden-1851674883"]]" href="https://qz.com/janet-yellen-trump-tariffs-increase-prices-china-biden-1851674883">Janet Yellen will go after Donald Trump by warning that raising tariffs is 'deeply misguided'</a></div><span class="sc-iyvn34-0 keEGDF"><svg xmlns="http://www.w3.org/2000/svg" width="18" height="18" aria-label="ChevronRight icon" viewBox="0 0 18 18"><path fill-rule="evenodd" d="M6.16 14.13a.5.5 0 1 0 .68.74l6-5.5a.5.5 0 0 0 0-.74l-6-5.5a.5.5 0 1 0-.68.74L11.76 9l-5.6 5.13z"></path></svg></span><div class="sc-1xxadal-4 jCQOYE"><a class="sc-1out364-0 dPMosf sc-1xxadal-5 gLktip js_link" data-ga="[["Related Stories Inset","Position 2","https://qz.com/donald-trump-tariff-tax-ken-griffin-anxious-deport-doge-1851702619"]]" href="https://qz.com/donald-trump-tariff-tax-ken-griffin-anxious-deport-doge-1851702619">Trump's tariff policies have hedge fund billionaire Ken Griffin feeling 'very anxious'</a></div></div></div></div><p class="sc-77igqf-0 fnnahv">“Costs will be shared by our customers,” Barry told investors during the company’s Nov. 26 earnings call. </p><div class="sc-17kx9cd-5 bHUtBb js_ad-mobile-dynamic js_ad-dynamic ad-mobile-dynamic"><div class="sc-17kx9cd-1 sc-17kx9cd-2 bGgkuB cLmdPT"></div><div class="sc-17kx9cd-4 bNalPz ad-unit ad-mobile"><div class="sc-17kx9cd-0 fjNuCW">Advertisement</div><div is="bulbs-dfp" class="ad-container dfp dfp-slot-MOBILE_IN_POST ad-mobile placement-default" data-dfp-site-code="gm.qz" data-ad-unit="MOBILE_IN_POST" data-targeting="{"pos":"mobile_inpost","postId":"1851708483","blogName":"quartz","tags":"best buy,walmart,trump tariffs,consumer technology association,customs duties,corie barry,chinaunited states trade war,donald trump,tariff,lowes,economic history of the united states,international taxation,autozone,business finance,consumer electronics,national retail federation,home depot","channel":"business-news"}"></div><div class="bt-wrapper"><span data-uid="5d260804c9-384" class="bt-uid-tg" style="display:none !important;text-align:center" data-css-selector="ad-container.ad-mobile"></span></div></div><div class="sc-17kx9cd-1 sc-17kx9cd-3 bGgkuB kTRrxu"></div></div><p class="sc-77igqf-0 fnnahv">Best Buy missed Wall Street’s expectations for the <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://www.investors.bestbuy.com/News--Events/news/news-details/2024/Best-Buy-Reports-Third-Quarter-Results/default.aspx",{"metric25":1}]]" href="https://www.investors.bestbuy.com/News--Events/news/news-details/2024/Best-Buy-Reports-Third-Quarter-Results/default.aspx" target="_blank" rel="noopener noreferrer">third quarter</a></span>, reporting revenue of $9.45 billion, about $1.26 earnings per share. Analysts had forecasted $9.63 billion in revenue, roughly $1.30 earnings per share. The retailer also lowered its full-year sales forecast to a range of $41.1 billion to $41.5 billion, down from its previous guidance of $41.3 billion to $41.9 billion. The lower forecast and earnings miss underscore the broader challenges the company faces, including <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/donald-trump-taxes-tariffs-economy-2024-election-1851687463",{"metric25":1}]]" href="https://qz.com/donald-trump-taxes-tariffs-economy-2024-election-1851687463" target="_blank" rel="noopener noreferrer">rising import costs</a></span> due to tariffs. </p><div class="sc-17kx9cd-5 bHUtBb js_ad-mobile-dynamic js_ad-dynamic ad-mobile-dynamic"><div class="sc-17kx9cd-1 sc-17kx9cd-2 bGgkuB cLmdPT"></div><div class="sc-17kx9cd-4 bNalPz ad-unit ad-mobile"><div class="sc-17kx9cd-0 fjNuCW">Advertisement</div><div is="bulbs-dfp" class="ad-container dfp dfp-slot-MOBILE_IN_POST ad-mobile placement-default" data-dfp-site-code="gm.qz" data-ad-unit="MOBILE_IN_POST" data-targeting="{"pos":"mobile_inpost","postId":"1851708483","blogName":"quartz","tags":"best buy,walmart,trump tariffs,consumer technology association,customs duties,corie barry,chinaunited states trade war,donald trump,tariff,lowes,economic history of the united states,international taxation,autozone,business finance,consumer electronics,national retail federation,home depot","channel":"business-news"}"></div><div class="bt-wrapper"><span data-uid="5d260804c9-384" class="bt-uid-tg" style="display:none !important;text-align:center" data-css-selector="ad-container.ad-mobile"></span></div></div><div class="sc-17kx9cd-1 sc-17kx9cd-3 bGgkuB kTRrxu"></div></div><p class="sc-77igqf-0 fnnahv">Barry’s comments about tariffs highlight the complexity of global supply chains in the consumer electronics industry. Best Buy, like many retailers, relies heavily on imports — particularly from China and Mexico — to stock its shelves. According to Barry, about 60% of the goods Best Buy sells are sourced from China, a number that has remained consistent despite the company’s efforts to diversify its supply chain. These efforts were further complicated by the Covid-19 pandemic, she added.</p><div class="sc-v7tysz-0 ilZXoP connatix-main-container"><div id="connatix-mid-article-thumbnails"></div></div><p class="sc-77igqf-0 fnnahv">While Best Buy has worked with vendors to shift production away from China where possible, the reality is that tariffs would increase prices on most of their products, Barry explained. Mexico, she added, is Best Buy’s second largest source of imports. </p><div class="sc-17kx9cd-5 bHUtBb js_ad-mobile-dynamic js_ad-dynamic ad-mobile-dynamic"><div class="sc-17kx9cd-1 sc-17kx9cd-2 bGgkuB cLmdPT"></div><div class="sc-17kx9cd-4 bNalPz ad-unit ad-mobile"><div class="sc-17kx9cd-0 fjNuCW">Advertisement</div><div is="bulbs-dfp" class="ad-container dfp dfp-slot-MOBILE_IN_POST ad-mobile placement-default" data-dfp-site-code="gm.qz" data-ad-unit="MOBILE_IN_POST" data-targeting="{"pos":"mobile_inpost","postId":"1851708483","blogName":"quartz","tags":"best buy,walmart,trump tariffs,consumer technology association,customs duties,corie barry,chinaunited states trade war,donald trump,tariff,lowes,economic history of the united states,international taxation,autozone,business finance,consumer electronics,national retail federation,home depot","channel":"business-news"}"></div><div class="bt-wrapper"><span data-uid="5d260804c9-384" class="bt-uid-tg" style="display:none !important;text-align:center" data-css-selector="ad-container.ad-mobile"></span></div></div><div class="sc-17kx9cd-1 sc-17kx9cd-3 bGgkuB kTRrxu"></div></div><p class="sc-77igqf-0 fnnahv">“There’s very little in the consumer electronics space that is not imported,” she said. </p><p class="sc-77igqf-0 fnnahv">Trump’s <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/donald-trump-taxes-tariffs-economy-2024-election-1851687463?_gl=1*1igmj0f*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjYzODg0My4xLjEuMTczMjYzOTA0Mi40OC4wLjA.",{"metric25":1}]]" href="https://qz.com/donald-trump-taxes-tariffs-economy-2024-election-1851687463?_gl=1*1igmj0f*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjYzODg0My4xLjEuMTczMjYzOTA0Mi40OC4wLjA." target="_blank" rel="noopener noreferrer">tariff proposals</a></span> would impose a 10% to 20% tax on imports from all countries, with much higher duties of 60% to 100% on Chinese goods.<br/></p><div class="sc-17kx9cd-5 bHUtBb js_ad-mobile-dynamic js_ad-dynamic ad-mobile-dynamic"><div class="sc-17kx9cd-1 sc-17kx9cd-2 bGgkuB cLmdPT"></div><div class="sc-17kx9cd-4 bNalPz ad-unit ad-mobile"><div class="sc-17kx9cd-0 fjNuCW">Advertisement</div><div is="bulbs-dfp" class="ad-container dfp dfp-slot-MOBILE_IN_POST ad-mobile placement-default" data-dfp-site-code="gm.qz" data-ad-unit="MOBILE_IN_POST" data-targeting="{"pos":"mobile_inpost","postId":"1851708483","blogName":"quartz","tags":"best buy,walmart,trump tariffs,consumer technology association,customs duties,corie barry,chinaunited states trade war,donald trump,tariff,lowes,economic history of the united states,international taxation,autozone,business finance,consumer electronics,national retail federation,home depot","channel":"business-news"}"></div><div class="bt-wrapper"><span data-uid="5d260804c9-384" class="bt-uid-tg" style="display:none !important;text-align:center" data-css-selector="ad-container.ad-mobile"></span></div></div><div class="sc-17kx9cd-1 sc-17kx9cd-3 bGgkuB kTRrxu"></div></div><p class="sc-77igqf-0 fnnahv">“The situation remains very fluid” as the company works with its vendor partners to adjust pricing strategies and product assortments to mitigate the impact on customers, said Barry. She acknowledged that while the burden of tariffs is usually shared between vendors, retailers, and consumers, it’s ultimately customers who tend to feel the most significant pinch.</p><p class="sc-77igqf-0 fnnahv">“Higher prices are not helpful,” Barry said, noting that “these are the goods that people need.”</p><div class="sc-17kx9cd-5 bHUtBb js_ad-mobile-dynamic js_ad-dynamic ad-mobile-dynamic"><div class="sc-17kx9cd-1 sc-17kx9cd-2 bGgkuB cLmdPT"></div><div class="sc-17kx9cd-4 bNalPz ad-unit ad-mobile"><div class="sc-17kx9cd-0 fjNuCW">Advertisement</div><div is="bulbs-dfp" class="ad-container dfp dfp-slot-MOBILE_IN_POST ad-mobile placement-default" data-dfp-site-code="gm.qz" data-ad-unit="MOBILE_IN_POST" data-targeting="{"pos":"mobile_inpost","postId":"1851708483","blogName":"quartz","tags":"best buy,walmart,trump tariffs,consumer technology association,customs duties,corie barry,chinaunited states trade war,donald trump,tariff,lowes,economic history of the united states,international taxation,autozone,business finance,consumer electronics,national retail federation,home depot","channel":"business-news"}"></div><div class="bt-wrapper"><span data-uid="5d260804c9-384" class="bt-uid-tg" style="display:none !important;text-align:center" data-css-selector="ad-container.ad-mobile"></span></div></div><div class="sc-17kx9cd-1 sc-17kx9cd-3 bGgkuB kTRrxu"></div></div><p class="sc-77igqf-0 fnnahv">Industry experts, including the National Retail Federation (NRF) and Consumer Technology Association (CTA) have <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://shop.cta.tech/products/how-the-proposed-trump-tariffs-increase-prices-for-consumer-technology-products",{"metric25":1}]]" href="https://shop.cta.tech/products/how-the-proposed-trump-tariffs-increase-prices-for-consumer-technology-products" target="_blank" rel="noopener noreferrer">warned</a></span> that tariffs would likely lead to <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/trump-tariff-american-spending-78-billion-nrf-report-1851689209",{"metric25":1}]]" href="https://qz.com/trump-tariff-american-spending-78-billion-nrf-report-1851689209" target="_blank" rel="noopener noreferrer">higher prices</a></span> on everyday electronics. </p><div class="sc-166b7vj-0 eEDRKr js_ymal-below-post" data-vtas-click="inner:Recommendation:ymal-below-post"></div><p class="sc-77igqf-0 fnnahv">Retailers like <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/walmart-raises-prices-if-trump-tariff-proposal-retail-1851702964",{"metric25":1}]]" href="https://qz.com/walmart-raises-prices-if-trump-tariff-proposal-retail-1851702964" target="_blank" rel="noopener noreferrer">Walmart</a></span> and AutoZone (<span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/quote/AZO",{"metric25":1}]]" href="https://qz.com/quote/AZO" target="_blank" rel="noopener noreferrer">AZO</a></span>), as well as home improvement giants Home Depot (<span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/quote/HD",{"metric25":1}]]" href="https://qz.com/quote/HD" target="_blank" rel="noopener noreferrer">HD</a></span>) and Lowe’s (<span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/quote/LOW",{"metric25":1}]]" href="https://qz.com/quote/LOW" target="_blank" rel="noopener noreferrer">LOW</a></span>), also have <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/donald-trump-election-economy-stocks-taxes-tariff-trade-1851690578",{"metric25":1}]]" href="https://qz.com/donald-trump-election-economy-stocks-taxes-tariff-trade-1851690578" target="_blank" rel="noopener noreferrer">signaled</a></span> they <span><a class="sc-1out364-0 dPMosf sc-145m8ut-0 eqRerm js_link" data-ga="[["Embedded Url","External link","https://qz.com/donald-trump-tax-policy-overtime-tips-income-tariffs-1851647624?_gl=1*k7lz3f*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MTY0Mi40NS4wLjA.",{"metric25":1}]]" href="https://qz.com/donald-trump-tax-policy-overtime-tips-income-tariffs-1851647624?_gl=1*k7lz3f*_ga*MTkzNTUxMDgwMy4xNzI0MjQ2NjI3*_ga_V4QNJTT5L0*MTczMjY0MTM4MS4yLjEuMTczMjY0MTY0Mi40NS4wLjA." target="_blank" rel="noopener noreferrer">may raise prices</a></span> if Trump’s tariffs are implemented.</p></div></div><div class="js_liveblog-controls"></div><div class="js_qanda-controls"></div><div data-list-slug="daily-brief" class="sc-73739c-0 dRBWNx js_qz_newsletter_signup_placeholder"><div class="sc-tmdvvg-0 fbSaxz"><h2 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