These companies said they will raise prices in response to Trump's tariffs
President Donald Trump has slapped tariffs on most products that enter the United States. Economists widely expect the policy to raise prices for U.S. shoppers as importers pass along a share of the tax burden.
An across-the-board 10% tariff applies to nearly all imports, except for semi-conductors, pharmaceuticals and some other items. Those levies come on top of specialized tariffs on steel, aluminum and autos. China, the third-largest U.S. trade partner, faces 30% tariffs.
Plans for price hikes have already taken shape at an array of companies, ranging from fast-fashion retailer Shein to luxury sports car manufacturer Ferrari.
Here are the companies that have announced price increases as a result of Trump's tariffs:
Walmart
Executives at retail giant Walmart warned Thursday of price increases as a result of U.S. tariffs imposed in recent months.
Tariffs risk price hikes for a wide range of goods that includes food, toys and electronics, CEO Doug McMillon told analysts on an earnings call.
"The merchandise that we import comes from all over the world," McMillon said. "All of the tariffs create cost pressure for us."
Price hikes could hit perishable imports such as coffee, avocados, bananas and roses, McMillon added, noting as well a particularly acute risk of price increases for merchandise from China.
Tariff-driven price increases hit some goods in April and will continue "through the year," McMillon said.
Shein and Temu
A pair of China-based e-commerce companies, Shein and Temu, released identical statements earlier this month announcing plans to increase prices in response to Trump's tariffs. The price hikes took effect on April 25, the companies said.
"Due to recent changes in global trade rules and tariffs, our operating expenses have gone up," the statements said. "To keep offering the products you love without compromising on quality, we will be making price adjustments."
When Trump announced so-called "Liberation Day" tariffs on April 2, he also closed what's known as the "de minimis" loophole, which allowed for duty-free import of goods valued at less than $800. The low-cost shipping had helped fuel bargain shopping online for products made in China.
Nintendo
Nintendo, the Japan-based video game giant, announced last month the start date of preorders for its highly anticipated Switch 2, saying the price would remain at the level announced on April 2.
The bulletin came with a caveat, however. "Nintendo Switch 2 accessories will experience price adjustments from those announced on April 2 due to changes in market conditions," the company said.
"Other adjustments to the price of any Nintendo product are also possible in the future depending on market conditions," added Nintendo, which hosts much of its manufacturing in China.
The Trump administration last month issued a tariff exemption for China-made smartphones, computers, flat panel TV displays and other electronics. The list left out video game systems, meaning they would remain subject to 30% tariffs on Chinese goods.
Best Buy
Best Buy CEO Corie Barry told analysts to expect price increases as a result of higher tariffs.
"Tariffs at this level will result in price increases," Barry said on an earnings call in March, before Trump escalated tariffs a month later. "I think it is very difficult to say, given the backdrop that we're in, exactly, precisely how big that is."
Best Buy relies on a global supply chain, Barry added, noting the company's top two sources of goods are Mexico and China. Both of those countries continue to be targeted by Trump's tariffs.
Hermès
French luxury goods manufacturer Hermès raised prices for U.S. customers on May 1.
"The price increase that we're going to implement will be just for the U.S. since it's aimed at offsetting the tariffs that only apply to the American market, so there won't be price increases in the other regions," Eric du Halgouët, Hermès' executive vice president for finance, told analysts weeks for the price hike was set to take effect.
The price increases intend to "fully offset" the across-the-board 10% tariff issued by Trump, the company said.
Trump issued a 90-day pause of additional 20% tariffs on goods from the European Union as a part of a wider suspension of so-called "reciprocal tariffs."
AutoZone and Ferrari
AutoZone CEO Philip Daniele, who runs the Memphis-based car parts retailer, told analysts in September the company would respond to tariffs with price increases.
"We will pass those tariff costs back to the consumer," Daniele said on an earnings call.
AutoZone did not immediately respond to ABC News' request for comment regarding its current plans for price increases.
Trump last month announced 25% auto tariffs, which apply to both vehicles and car parts.
Within hours of the policy rollout, Ferrari said it would raise prices by as much as 10% for some models to compensate for the tax burden.
