Best Buy CEO says more China tariffs will impact US shoppers

Best Buy CEO says more China tariffs will impact US shoppers

REUTERS: Best Buy Co Inc warned on Thursday that price increases from another possible round of tariffs on Chinese imports will be felt by U.S. shoppers.

"The impact of tariffs at 25per cent will result in price increases and will be felt by U.S. consumers," Chief Executive Officer Hubert Joly said on a post-earnings call, adding that it was premature to speculate on the impact of further tariffs.

U.S. President Donald Trump increased tariffs on US$200 billion worth of Chinese imports to 25per cent from 10per cent earlier in May, and was expected to implement another round of levies that would impact consumer goods ranging from cellphones and laptops to footwear.

(Reporting by Uday Sampath and Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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