Best Buy's CEO is warning that prices will rise if the U.S. applies another round of tariffs on Chinese goods.
Hubert Joly said after the company posted quarterly earnings Thursday that the electronics chain has largely avoided raising prices with a few exceptions, like washing machines.
Joly says it's too early to know what might cost more if the trade war escalates since it's not yet known which goods will be on the tariff list.
Joly is just the latest U.S. executive to warn about the potential for rising prices in a trade war.
The typical American shopper has been left largely unscathed by the first several rounds of tariffs that the U.S. imposed on China because they mostly focused on industrial and agricultural products. But that began to change when a 25% tariff on goods like furniture went into effect two weeks ago.
This week, major shoe companies like Nike and Adidas said the Trump administration's proposed actions will add $7 billion in additional costs for customers every year. (AP)Â
