Target CEO: Tariffs will cause food prices to rise in "next couple of days"

• Canada and China are taking retaliatory action against U.S. products.
• Mexican President Claudia Sheinbaum said she'll announce retaliatory tariffs and other measures on Sunday.

Driving the news: Cornell said in a CNBC interview Tuesday that Target could be forced to raise prices on fruits and vegetables as soon as this week.

• The Minneapolis-based retailer relies on Mexican produce during the winter months, Cornell said.
• "Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days," he said. "If there's a 25% tariff, those prices will go up."

Best Buy "highly likely" to raise prices

State of play: Best Buy CEO Corie Barry said on an earnings call with analysts Tuesday that it is "highly likely" her company will raise prices because of tariffs.

• "China and Mexico remain the number one and number two sources for products we sell respectively," Barry said.

• "While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," she said.

Editor's note: This story was updated with comments from Best Buy CEO Corie Barry.

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