Tariffs against China and Mexico proposed by President-elect Donald Trump could lead to higher prices for electronics across the U.S., Best Buy CEO Corie Barry warned in a November earnings call, as the company works through what it sees as a "fluid situation." 

Leading into his second term in 2025, Trump has threatened to impose 60-100% tariffs against all imports from China, as well as 25% levies against Mexico and Canada. According to data from the U.S. International Trade Commission, nearly 25% of U.S. electronics imports came from China in 2023 — the most of any country — with Mexico trailing close behind at 17.5%. Barry also estimates that around 60% of Best Buy's products, in terms of cost of goods sold, came from China in Q3 of 2024, while Mexico was the company's second largest country of import. 

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"There's very little in the consumer electronics space that is not imported," Barry said. 

Although Trump's threats to impose tariffs have been somewhat of a moving target, Barry pointed out that historically, whenever new levies are introduced, the customer ends up bearing some of the cost. Best Buy is hoping to mitigate some of those increased costs in the months to come, as the retailer makes plans to bring products into the U.S. ahead of the time when any new tariffs might be implemented, while working with vendors to look at potential changes to sourcing. 

"We're going to work hard to make sure we do everything we can to keep prices right for our customers," Barry said. "It's obviously an evolving issue; it's one this team has a great deal of experience navigating, and we are already working with our vendor partners on next steps."