Apr 8, 2025 - Business
Minnesota's biggest Trump tariff losers
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No Minnesota-based Fortune 500 company has seen its stock price plunge more following President Trump's tariff announcement than Best Buy.
State of play: The Richfield-based electronics retailer, which gets most of its products from China and Mexico, saw its share price drop 16.7% over the past week.
Zoom out: Other big Minnesota companies that have taken major hits include 3M and its healthcare spinoff Solventum, as well as U.S. Bank and lawnmower maker Toro.
The other side: Minnesota's big food companies are less affected by the tariffs.
- General Mills' stock is down only 2% since the tariff announcement, while Hormel's was down 2.9%.
- General Mills CEO Jeffrey Harmening told analysts in February that tariffs "aren't really meaningful" for General Mills because it sources 95% of its products in the U.S., according to Food Dive.