Until recently, companies have somewhat shielded U.S. consumers from the full effects of the tariffs, either by rushing supplies into the country ahead of Trump’s deadlines\u00a0or absorbing the levies as a cost of doing business.\u00a0\u00a0\u00a0\u00a0<\/p>\n
But with tariffs on imports from roughly 100 U.S.\u00a0trading partners due to rise\u00a0this week<\/a> from their current baseline of 10 per cent, tariff-related costs are headed nowhere but up.<\/p>\n Alex Durante, senior economist of the Tax Foundation, a Washington-based policy and advocacy group, says the tariffs are hitting a broad range of U.S. businesses that rely on imports.\u00a0\u00a0<\/p>\n “I think the administration is going to have a really hard time trying to convince the American people that some of the price increases they’re seeing are because of other factors not related to the tariffs,” Durante said in an interview with CBC News.<\/p>\n “I just don’t think most people are going to be fooled by that,”\u00a0he said.<\/p>\n WATCH | Carney’s point man on tariffs takes Canada’s message to U.S. television:\u00a0 Canadian officials confident U.S. trade deal will be reached<\/p>\n Prime Minister Mark Carney and Dominic LeBlanc, the minister responsible for Canada-U.S. trade, expressed confidence a new trade deal will be reached with the United States, even after 35 per cent tariffs were imposed late last week.Trump, cabinet deny\u00a0tariffs costing Americans<\/p>\n While on a macro level the U.S. economy is generally chugging along just fine<\/a> despite Trump’s tactics, there’s some fresh\u00a0data suggesting the tariffs are acting as a drag:<\/p>\n Trump and his cabinet members quickly brush\u00a0aside any evidence that the tariffs are costing Americans, with the president even firing the head of the federal statistics\u00a0agency<\/a> that produces\u00a0the country’s employment report.\u00a0<\/p>\n “We have a lot of money coming in, much more money than the country has ever seen, by hundreds of billions of dollars,” Trump said Sunday when a reporter asked about tariffs.<\/p>\n U.S. Trade Representative Jamieson Greer flat-out denied\u00a0that Trump’s tariffs policies are a factor in the jobs slump.\u00a0<\/p>\n “I don’t read tariff policy into that number,” Greer told the CBS program Face the Nation<\/a> on Sunday.\u00a0<\/p>\n But if you’re willing to look around, you can find plenty of examples of U.S. businesses feeling the pinch.\u00a0<\/p>\n Reuters news agency is compiling examples of how major companies around the world are responding to Trump’s tariffs, such as hiking prices and issuing profit warnings.<\/p>\n Retailers, big brands raising prices<\/p>\n The Reuters\u00a0tracker<\/a>\u00a0currently shows 22 U.S. companies raising prices, including retail giants (Walmart,\u00a0Best Buy), footwear brands (Nike, Crocs, Birkenstock) and big-name makers of household goods (Colgate-Palmolive,\u00a0Procter & Gamble, Clorox).\u00a0<\/p>\n It’s hard to imagine many American consumers haven’t bought something from those businesses this year.<\/p>\n Other big-name U.S. firms have in recent days reported tariff impacts:\u00a0<\/p>\n Tech giant\u00a0Apple<\/a> says it faced $800 million in tariff-related costs last quarter alone, and expects that to rise to $1.1 billion this quarter.\u00a0 Warren Buffett’s Berkshire Hathaway<\/a> blames tariffs in part for a 5.1 per cent quarterly decline in revenue in its consumer goods division, which includes brands like Fruit of the Loom.\u00a0 Tool manufacturer Stanley Black & Decker<\/a> estimates its tariff costs will hit $800 million this year.\u00a0\u00a0 <\/p>\n Those corporate figures don’t touch on another trend emerging in the U.S. economy: the downturn in visits by international travellers, dramatically so from Canada<\/a>.<\/p>\n Perhaps that’s not exactly tariff-related, but Trump\u00a0slamming other nations on trade by describing them as nasty, unfair and ripping off the U.S. is not exactly what\u00a0you’d call a warm and welcoming tourism ad campaign either.<\/p>\n WATCH | Economist says Canada has a better deal on Trump’s tariffs than other countries:\u00a0 Economist Robert Embree on the impact of U.S. tariffs on the Canadian economy<\/p>\n Get the latest on CBCNews.ca, the CBC News App, and CBC News Network for breaking news and analysis \u00a0\u00a0\u00a0Higher prices could impact public opinion<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/08\/1754389751_562_default.jpg\")
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Coffee producer Ricardo Rufino Jr. shows off processed coffee beans at Boa Esperanca farm in Braganca Paulista, Brazil, on Monday. The country is facing the prospect of 50 per cent tariffs on its products exported to the U.S., leaving some American coffee shops considering whether they’ll have to raise prices. (Andre Penner\/The Associated Press)<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/08\/1754389753_965_default.jpg\")
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