MN-based Target, Best Buy warn tariffs will cost shoppers

MINNEAPOLIS (FOX 9) - Target and Best Buy executives said the tariffs are creating consumer uncertainty and putting what they called "pressure" on profits this quarter.

Trade war launched against America’s largest trade partners

Tariffs take effect:

The tariffs that went into effect Tuesday are a 25% tariff on Mexican and Canadian imports, with the exception of a 10% levy on Canadian energy. Plus, an additional 10% tariff on Chinese imports, doubling the tariff imposed last month.

MN retailers’ impact:

Executives of two major retailers headquartered right here in Minnesota, Best Buy and Target, warn shoppers could be seeing higher prices at checkout. The companies said some of the costs for certain goods impacted by this trade war will likely be passed on to the customer.

Lawmakers react:

We asked Congressman Tom Emmer (R-Minn.) about the impact on Minnesotans. He said tariffs are a campaign promise President Donald Trump has been consistent on and the Trump administration is using it as a tool to protect American interests.

"I think the bottom line is, President Trump is fighting on behalf of the American people. It’s what he promised to do. And he’s going to make sure that our trade partners are treating Americans fairly," said Emmer.

Retaliation announced:

Canada, Mexico, and China have all announced they will be retaliating with tariffs of their own.