Walmart and Warren Buffett on tariffs, a Target boycott, Starbucks layoffs: Business news roundup
What Walmart and 13 other companies have said about Trump’s tariffs
President Donald Trump’s tariffs on imports of foreign goods have already begun, and more are on the way, likely forcing some businesses to raise prices.
10 foods that will cost more thanks to tariffs
With 25% tariffs on goods from Canada and Mexico now a reality, economists predict that prices for some supermarket staples will rise.
“Prices on everything from avocados to tequila are set to rise as new tariffs on imports from Canada and Mexico take effect,” says Ram Ganeshan, professor of operations and supply chain at William & Mary’s Raymond A. Mason School of Business.
Best Buy is following Walmart’s lead, yanking Amazon’s playbook
Like Walmart, Best Buy (BBY) is learning from the competition by taking a page out of Amazon’s playbook.
Best Buy plans to launch a new U.S.-based marketplace later this year, CEO Corie Barry said during the company’s March 4 earnings call. The move aims to expand the company’s “profitability stream opportunities,” she added.
Starbucks CEO tells employees to work harder after layoffs
Starbucks CEO Brian Niccol wants corporate employees to work harder and take accountability for the coffee giant’s financial health.
Speaking to staff in Seattle in his first address since announcing layoffs last month, Niccol pointed out that inefficiencies in the company’s operations and decision-making processes have contributed to recent struggles. “We’re not effective,” he said.
A big Target boycott has begun. Here’s what to expect
While many companies have announced plans to roll back DEI policies in the past couple of months, fewer have paid a higher price than Target (TGT). The Minneapolis-based retailer had been very vocal in support of DEI efforts after the police killing of George Floyd in 2020 and their pausing of efforts has caused a backlash.
Walmart CEO says sky-high food prices are causing ‘frustration and pain.’ Tariffs could hurt more
Walmart is thriving among wealthier shoppers, but for lower-income customers, the situation is more challenging, according to CEO Doug McMillion.
Speaking at the Economic Club of Chicago on Feb. 27, McMillion explained that persistent high food prices are causing “frustration and pain” for many shoppers, particularly those “at the lower end of that scale.”
Warren Buffett on Trump tariffs: ‘The Tooth Fairy doesn’t pay ‘em!’
Legendary investor Warren Buffett criticized planned U.S. tariffs on international trade partners, noting that the duties may hurt consumers.
“Tariffs are actually, we’ve had a lot of experience with them. They’re an act of war, to some degree,” the Berkshire Hathaway (BRK.A) CEO told CBS News over the weekend.
Trump just gave Ford, GM, and Stellantis an exemption to his new tariffs
The major U.S. automakers were given a one-month exemption from new tariffs on Canadian and Mexican imports, the Trump administration said Wednesday.
Trump freezes his 25% tariffs on Mexican imports for one month
The president’s duties on Canada are still in effect
Ozempic competitor in the works at Amgen reaches late-stage clinical trials
The pharma company announced today that it has begun two late-stage clinical trials for its experimental weight-loss drug, MariTide