Trump’s tariffs on Mexico will be felt almost immediately by US shoppers, Brian Cornell said
US consumers will feel the impact of Trump’s tariffs on Mexican imports within a few days according to Target CEO Brian Cornell. He made the comments in a CNBC interview after Target posted fourth-quarter earnings.
The retailer relies heavily on Mexican produce during the winter, and Cornell said the company could be forced to raise prices on products like strawberries, avocados and bananas as soon as this week.
“Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” he told CNBC.
States like Jalisco, Michoacán, Chihuahua, Sinaloa and Veracruz will be strong impacted as they are big producers of avocados, berries, tomatoes and grapes, according to César Rafael Ocaña, director of NexusAgronegocios.
He warned that, if left in place, the tariffs will trigger a recession in rural areas and put remittances and the situation with migrant workers at risk.
