00:00Buyers, beware and brace yourself.
00:02CEO of Target has just announced that prices on everyday items like strawberries,
00:06avocados and bananas are set to rise in the coming days.
00:10Let's unpack what's behind these increases.
00:12But first, follow Benzinga to stay informed on how global events like this impact your wallet.
00:16On March 4, President Donald Trump implemented a 25% tariff on imports from Mexico and Canada,
00:22along with an additional 10% tariff on Chinese goods.
00:26These measures aim to address concerns over drug trafficking and illegal immigration,
00:30but have significant implications for consumer prices.
00:34Target CEO Brian Cornell highlighted that these tariffs would directly affect the
00:39cost of produce imported from Mexico, a key supplier, during winter months.
00:43Cornell also stated that the consumer will likely see a price increase over the next
00:47couple of days on items such as strawberries, avocados and bananas.
00:51The broader retail market is also feeling the pressure.
00:53Espy CEO Corey Berry expressed concerns that tariffs on goods from China and Mexico
00:59could lead suppliers to pass on increased costs to retailers,
01:02making price hikes for American consumers highly likely.
01:06These developments come at a time when consumer confidence is already wavering.
01:09In February, the Consumer Confidence Index experienced its most significant
01:13monthly decline since 2021, as inflation fears, reservice and global trade tensions escalate.
01:20As these tariffs take effect,
01:21it's essential to stay informed about how they impact your daily expenses.
01:25I've been Senga for the latest update on market changes and their effect on the cost of living.
