Walmart and Warren Buffett on tariffs, a Target boycott, Starbucks layoffs

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Image for article titled Walmart and Warren Buffett on tariffs, a Target boycott, Starbucks layoffs: Business news roundup — Photo: Morris MacMatzen (Getty Images), Spencer Platt (Getty Images), Justin Sullivan (Getty Images), Kevin Dietsch (Getty Images), Andrew Harnik (Getty Images), Image: Bruce Bennett (Getty Images), Spencer Platt (Getty Images), Ethan Miller (Getty Images)

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What Walmart and 13 other companies have said about Trump’s tariffs

President Donald Trump plans to slap tariffs on Mexico and Canada, and raise duties on China, on March 4, 2025. Tariffs on the European Union and others are in the works.

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.

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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.

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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.

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Starbucks CEO tells employees to work harder after layoffs

People exit a Starbucks in New York City.

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.

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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.

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Walmart CEO says sky-high food prices are causing ‘frustration and pain.’ Tariffs could hurt more

Walmart CEO Doug McMillon during CES 2024.

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.”

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Warren Buffett on Trump tariffs: ‘The Tooth Fairy doesn’t pay ‘em!’

Warren Buffett, Chairman and CEO of Berkshire Hathaway, makes his way to a morning session at the Allen & Company Sun Valley Conference on July 13, 2023 in Sun Valley, Idaho.

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.

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