US tariffs on China lead to price hikes in essentials
Essential goods are getting pricier across the US as companies face higher tariffs and production costs.
Big names like Hormel Foods, J.M. Smucker, and Ace Hardware have announced price bumps, while stores such as Walmart, Target, and Best Buy have already raised some prices.
Best Buy's CEO Corie Barry noted that while these increases aren't as steep as the full tariffs.
The article also notes that these price increases come as shoppers are already dealing with inflation.
Mid- and low-income shoppers are feeling the pinch
At first, many companies tried to shield customers by dipping into inventory or absorbing extra expenses themselves. But with tariffs sticking around, those costs are now landing on consumers—especially mid- and low-income shoppers who are tightening their budgets.
Hormel is charging more for beef and pork products; J.M. Smucker has hiked coffee prices due to Brazilian tariffs; Ace Hardware is passing on higher import costs from China.
With ground beef alone up 11%, it's getting harder for everyone to keep up.