From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump’s tariffs on U.S. imports are raising their costs and prices.
Jim Hackett, CEO of Ford, the second-largest U.S.-based automaker, said Wednesday that Trump’s taxes on imported steel and aluminum are costing Ford $1 billion and threatening to ignite price increases across the auto industry.
Likewise, Walmart, America’s largest retailer, has told the administration that Trump’s latest round of taxes — on $200 billion of Chinese imports — could increase prices for its shoppers. Walmart specifically mentioned items ranging from car seats, cribs and backpacks to hats, pet products and bicycles.
Procter & Gamble, the consumer products giant, has warned of both potential price increases and job losses as a result of the tariffs.
In the meantime, drinking Coca-Cola is costing more because of Trump’s tariffs. Macy’s, too, has warned of likely price increases. So has Gap.
On Wednesday, Federal Reserve Chairman Jerome Powell took on the issue at a news conference after the Fed announced its latest interest rate hike. Asked about the Trump tariffs forcing up prices for America’s consumers, Powell agreed that Fed officials are hearing from businesses about forthcoming higher costs.
“You don’t see it yet,” the chairman said, referring to the data the Fed studies.
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