25% Tariffs on Mexican Imports Could Spike Produce Prices This Week

Target CEO Brian Cornell warns that shoppers might see an increase in produce prices in the coming days due to President Trump’s 25% tariffs on Mexican imports. These tariffs, which also affect goods from Canada and add a 10% duty on Chinese imports, took effect on Tuesday. Cornell highlighted that during winter months, Target heavily relies on Mexican produce. He mentioned that prices for strawberries, avocados, and bananas could rise. Despite efforts to protect pricing, consumers are likely to face higher costs. This comes at a time when inflation has not moderated as much as hoped, and consumer confidence has dropped to its lowest since 2021. Target has reduced its reliance on China to about 30% of imports, but the new tariffs add pressure on consumer budgets already strained by high food and housing costs.

Source: www.cnbc.com