Tariff Impacts Are Real: These 13 Companies Have Confirmed Price Hikes
James Martin/CNET
In many cases and for many products in the US, the biggest impacts of President Donald Trump's aggressive tariff plans haven't hit yet -- but they could soon, unless the 90-day pause on some rates is extended. Still, numerous companies have already hiked prices or said that they'll increase in the near-future -- including, most recently, a popular and CNET-approved brand of smart lights.
The fact of the matter is that tariffs -- a tax placed on the importing of certain products into a country -- will ultimately cause prices to go up, with Walmart characterizing these eventual price hikes as "inevitable" during its earnings call last month. Given Trump's push to place historically high tariffs on goods from almost every country in the world, you can also expect these price hikes to hit a huge variety of products.
This truth has begun to sink in for a lot of Americans. About 38% of consumers feel pressured to make certain purchases before tariffs cause their price to go up, according to a recent survey conducted by CNET. About 10% of respondents said they'd already made certain purchases in hopes of avoiding future price hikes, while 27% said they'd delayed purchases of products costing more than $500. Overall, these concerns about prices were felt the most around popular tech pieces such as smartphones, laptops and home appliances.
To help you keep score, I've put together a list of all the companies that have either confirmed or warned of price hikes due to Trump's tariffs. As other companies make such announcements, you can expect new names to be added here.
Continue on for all those details, and for more, find out why it's best if you wait on buying a new iPhone.
One item you won't find on this list yet? The original Nintendo Switch, which will see a currently unspecified price hike on Aug. 1, but only in Canada for the time being. If that increase makes its way south of the border, we'll let you know.
Best Buy
Without getting into specifics, Best Buy CEO Corie Barry told the Wall Street Journal late last month that it has already raised prices on certain products as part of its response to the tariffs.
e.l.f.
Known as an affordable option in the beauty world, e.l.f. announced in late May that it would be implementing a $1 price hike across its product line in response to the tariffs. CEO Tarang Amin claimed that the reaction from customers was positive, on account of the company's transparency.
"We're not trying to pull anything over on anyone," Amin told Fortune. "This is exactly what we're facing, and they understand."
Macy's
Speaking to CNBC in late May, Macy's CEO Tony Spring said that price hikes will be implemented on some products due to tariffs, while also emphasizing that other tactics -- like discontinuing certain products altogether -- will also be a response to rising costs.
Mattel
Known for brands like Barbie and Hot Wheels, Mattel sounded the alarm over likely price increases during an early May earnings call. While it's unclear how much the toymaker's prices have increased since then, the company told investors that it would be, "where necessary, taking pricing action in its US business," or to put it plainly, raising prices for consumers to mitigate the impact of tariffs.
Nikon
Camera-maker Nikon will introduce price hikes in response to Trump's tariffs, effective June 23. This move will only target lenses and accessories the company makes and sells, so the cameras themselves are safe for now.
"We will be carefully monitoring any tariff developments and may adjust pricing as necessary to reflect the evolving market conditions," a statement from Nikon explained. "We wish to thank our customers for their understanding and know that we are taking every possible step to minimize the impact on our community."
Philips Hue
Parent company Signify announced that prices for its popular and highly regarded Philips Hue brand of smart lights will see price hikes effective July 1. The company also confirmed that this decision was made "as a direct result of tariffs."
"Signify reserves the right to modify prices based on new or additional tariffs becoming effective in the future," the company's official statement explained.
Ralph Lauren
Sales at the luxury goods retailer Ralph Lauren have apparently remained steady amid recent uncertainty, but the company is still forging ahead with a plan to combat tariff impacts by raising prices more than it had already intended to, according to the Wall Street Journal.
Shein and Temu
Trump's tariffs have made a notable target of China, hitting the country with a 30% rate only after initially hiking it all the way to 145%. Online retailers like Shein and Temu rely on direct shipments from markets like China in order to offer the rock-bottom prices that made them famous, so it's little surprise now that they've had to raise prices.
The Trump administration has furthered the issues faced by these companies by doing away with a rule known as the "de minimus" exception, which used to exclude smaller purchases under $800 from import taxes. With that rule gone, Trump's China tariffs will now apply to both bulk orders of industrial building materials and those shoes you've been looking to buy from Shein.
Subaru
Subaru has hiked prices across almost its entire line. The increase ranged from $750 to $2,055, depending on the model, with only the EV Solterra avoiding any change.
As has become a trend with some companies, Subaru avoided attributing the price hikes to Trump's tariffs, citing only the common refrain of "market conditions." Trump has notably disparaged companies that explicitly lay the blame for price hikes on his policies.
"The changes were made to offset increased costs while maintaining a solid value proposition for the customer. Subaru pricing is not based on the country of origin of its products," a Subaru spokesperson said in a statement to Car & Driver.
Stanley Black & Decker
In an earnings report published April 30, toolmaker Stanley Black & Decker addressed "Price Actions in Response to US Tariffs," stating that it had "implemented an initial price increase in April and notified our customers that further price action is required," and was also looking into ways to shift its supply lines to minimize the impact of tariffs.
Volvo
The price impact of tariffs at Swedish automaker Volvo are confined, for now, to just one model: the electric EX30. Initially it was set to start at $34,950 in the US -- a competitive price for an EV -- but tariffs targeted at imported cars forced the company to raise the price to $46,195, a 32% bump.
Walmart
The biggest grocery chain in the US, Walmart is perhaps the most prominent company yet to announce imminent price hikes due to Trump's tariffs. During the company's earnings call in May, CEO Doug McMillan said price hikes would begin by the end of May and impact things like food, electronics and toys.
For more, see why buying refurbished tech helps you dodge tariffs and helps the planet.
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