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<ul class="summary-list"><li>Donald <keyword id="19906203" type="General" weightage="100" keywordseo="trump" source="keywords">Trump</keyword> pledged to enforce a 10% blanket tariff on all imported goods to the US.</li><li>It is months before Trump's inauguration, but tariffs are already on the lips of global business leaders.</li></ul>As soon as Donald Trump won reelection, CEOs worldwide discussed his plans for <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new</a><a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11"> era</a> of global tariffs. Although inauguration day is two months away, the leaders of consumer giants like BMW, Ikea, Airbus, and <keyword id="20017281" type="General" weightage="20" keywordseo="ralph-lauren" source="keywords">Ralph Lauren</keyword> were asked about the plans by the press and on earnings calls this week. Trump has vowed to impose a 10% blanket tariff on all foreign goods entering the US and up to 60% and 100% on goods imported from China and Mexico, respectively. He also floated a 100% tariff on imported vehicles and said he'd impose <a target="_blank" class="c-link" href="https://www.businessinsider.com/trump-tariff-threat-john-deere-economists-baffled-2024-9">a 200% tariff</a> on machinery giant John Deere if it continued with plans to move some production to Mexico. <h2>Asia</h2>During Trump's first term, the US and China imposed billions of dollars worth of tariffs against each other. Now, the potential for renewed trade disputes has concerned some Asian business leaders. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-em-fx-currencies-rout-trump-election-stimulus-china-2024-11">Chinese stocks dropped</a> after news of Trump's election victory. <keyword id="23945005" type="General" weightage="20" keywordseo="shinji-aoyama" source="keywords">Shinji Aoyama</keyword>, a global executive vice president at Japan's Honda Motors, said on a Wednesday earnings call that new tariffs on Mexico would have a big impact on Japanese companies. Honda, for instance, has production plants in Mexico. "If the tariff is a permanent one — I suppose it could be not permanent — maybe we would go for the production elsewhere, which is not subjected to the US tariff that we could do it." Aoyama said that he did not expect tariffs to be imposed soon, but added that it would not be easy to stop production quickly in Mexico. "Whoever the president could be, we should not be too much swayed around by them," said Aoyama. <div type="image" title="Shinji Aoyama, global executive vice president of Honda, in a suit behind a grey background." height="2741" width="4000" msid="115088843" hostid="261"></div><keyword id="20489383" type="General" weightage="20" keywordseo="piyush-gupta" source="keywords">Piyush Gupta</keyword>, CEO of Singapore's top bank, DBS, said during a media briefing on Thursday that he found it hard to believe Trump would follow through with his proposed tariffs. "The better thing to do is to wait and see what policy they actually come up with. It's very hard to make projections at this point in time," said Gupta. Instead, he highlighted the impact Trump's policies could have on <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Fed rate cuts</a>. Fewer rate cuts would boost net interest margin — a key metric for banks. "I think a higher interest rate environment is generally better for DBS," Gupta said. He added that DBS would be focusing on the legal and regulatory risks associated with the Trump administration. "They could come up with different kinds of sanctions and other policies — you have to be on top of that." <h2>Europe</h2>Trump has repeatedly said he sees the European Union's trade policies as unfair. During his first term, he <a target="_blank" href="https://www.businessinsider.com/trump-threatens-to-tax-european-cars-if-the-eu-retaliates-against-us-tariffs-2018-3">imposed a number of tariffs</a> on key European industries, including steel, aluminum, and certain luxury goods. Europe responded in turn with tariffs on goods including bourbon whiskey, Harley-Davidson motorbikes, and Levi's. The US is Europe's top trading partner, leaving its businesses highly vulnerable to Trump's proposed 10% tariff. Sectors like automobiles, pharmaceuticals, and chemical products, which represent the lion's share of European exports to the US, would likely experience the biggest economic hit. Shares in BMW, Mercedes, and Volkswagen all fell in response to Trump's victory. The US is by far Germany's largest export market, with goods worth $170 billion sent in 2023, per <a target="_blank" class="" href="https://www.destatis.de/EN/Themes/Economy/Foreign-Trade/Tables/order-rank-germany-trading-partners.pdf?__blob=publicationFile">Germany's statistical authority.</a> On Wednesday, <keyword id="20964414" type="General" weightage="20" keywordseo="oliver-zipse" source="keywords">Oliver Zipse</keyword>, chairman of BMW, downplayed fears over tariffs during a third-quarter earnings call, citing the company's large US business. "We have a strong footprint there, which kind of protects us against anything which might happen on the geopolitical side," he told analysts. Zipse also told reporters, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/bmw-downplays-fears-over-us-tariffs-trump-election-win-2024-11-06/#:~:text=The%20U.S.%20market%20accounted%20for,carmakers%20in%20Europe's%20biggest%20economy">per Reuters,</a> that BMW "shouldn't be too nervous about what might happen." <div type="image" title="Oliver Zipse of BMW speaks in a blue suit behind images of motorbikes and cars." height="3203" width="4804" msid="115088838" hostid="261"></div>Arne Freundt, CEO of German sports brand <keyword id="19922141" type="General" weightage="20" keywordseo="puma" source="keywords">Puma</keyword>, took a similarly relaxed attitude to potential tariffs. "We can shift volumes to other countries swiftly in case of tariffs increase in certain countries," Freundt said. "Politics is politics," Ikea's CEO, Jesper Brodin, told Business Insider when asked about how Trump's tariffs would affect international business. "So we work with longer term cycles and investment frames, and so on. In Ikea, we are very clear on our direction." Guillaume Faury, CEO of the airline Airbus, was more concerned about how tariffs may impact prices. Addressing Trump's proposed tariffs during Airbus' third-quarter earnings call the day before the election, Faury warned that the cost of any new tariffs would be passed along to Airbus's airline customers, as in 2020. "We don't believe that's helping aviation and the competitiveness of the airlines and the aviation industry, but it's something we would be able to manage," Faury said. During his first term, Trump and the European Union were locked in <a target="_blank" href="https://www.businessinsider.com/trump-administration-slaps-tariffs-european-goods-2020-2">a long-running dispute</a> over aircraft subsidies, which the US said put Boeing at a disadvantage, and 15% tariffs were imposed on aircraft imported from the EU. Soon after Trump's departure from the White House, <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3001">the two sides ended their dispute and axed the tariffs</a>, but renewed tariffs could lead to issues once again. <div type="image" title="Airbus general director Guillaume Faury" height="3000" width="4500" msid="115088848" hostid="261"></div>Martin Sorrell, executive chairman of the UK-based advertising company S4 Capital, described the President-elect as "good news" for North American businesses and companies during an earnings call on Thursday. "Whilst US business doesn't like to talk about it, basically US businesses wanted to see a Trump administration because it means low tax and low regulation," Sorrell said. He added that Europe would be more challenged because of the threat of tariffs. <h2>USA</h2>While tariffs are intended to protect domestic industries by making imports more expensive, companies whose supply chains include foreign contractors could see their costs rise. Justin Picicci, Ralph Lauren's CFO, said that over the last seven-plus years, the fashion brand has diversified its sourcing and developed alternative production for its key products. "Our global sourcing and supply chain is agile and well-positioned," Picicci said during an earnings call Thursday. "So we'll wait and see what, if any, future policy ultimately gets passed. But we've navigated tariffs successfully before, including not so long ago," Picicci said. The costs of tariffs are often passed onto the consumer in the form of price rises. But as demand for domestic goods increases, consumers see higher prices across the board. <keyword id="23945003" type="General" weightage="20" keywordseo="timothy-boyle" source="keywords">Timothy Boyle</keyword>, chief executive of Columbia Sportswear, said in an interview with <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">The Washington Post</a> published on October 30 that the brand was set to raise prices if tariffs were imposed. "It's going to be very, very difficult to keep products affordable for Americans," he said. Correction: November 8, 2024 — An earlier version of this story misspelled the name of a Honda executive. He's Shinji Aoyama, not <keyword id="23945004" type="General" weightage="20" keywordseo="shinju-aoyama" source="keywords">Shinju Aoyama</keyword>.

CEOs around the world started talking about Trump's tariffs as soon as he won

<ul class="summary-list"><li>Mark Cuban has criticized Donald Trump's tariff proposals.</li><li>In a Threads post on Friday, he said companies are already bracing for impact.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-mark-cuban-friends-relationship-history">Mark Cuban</a> is raising the alarm again on President-elect Donald Trump's tariff proposals.In a <a target="_blank" class="" href="https://www.threads.net/@mcuban/post/DCGO8NXxt86">Threads post</a> on Friday, Cuban said companies are already bracing for potential tariffs on Chinese imports by shoring up inventory. Cuban wrote that this will inevitably raise consumer prices due to the cost of storing inventory.While he didn't specifically name Trump, Cuban referred to Trump's proposal to put a 60% tariff on Chinese imports, which some economists say will have an <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11?r=nordic">inflationary impact</a> on the economy."Right now every company that imports from China is taking all the cash they can muster, and buying up as much as they can and stuffing it in a warehouse, in anticipation of the tariffs creating accelerated demand for imports," he wrote. "That money would have been used for expansion, raises, bonuses, and other operational elements. Because cash is relatively expensive, and it costs money to store inventory, those companies will increase prices as if they had paid the expected higher tariffs."Cuban, who became an unexpected surrogate for Vice President Kamala Harris' campaign earlier this year, has repeatedly criticized <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-trump-new-tax-cut-tariff-every-city-visit-2024-9">Trump's gratuitous use of tariffs</a> in his economic policies."Trump has a new tax cut or tariff for every city he visits. Even when it violates his own signed policies or the law," he wrote in an X post from September.In an interview with Harris, Cuban called Trump "the <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-tariffs-christmas-presents-china-prices-harris-2024-10">Grinch that stole Christmas</a>" because the 60% tariff will raise prices on goods like holiday gifts.Cuban added in the Friday Threads post that the tariffs could also push the Chinese government to tell companies to stop buying from the United States altogether.A Trump spokesperson dismissed Cuban's statements. Cuban declined to comment.Many economists say that Trump's tariffs will ultimately hurt consumers' wallets.<a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">Economist Paul Krugman</a> said the tariffs could see an "inflationary shock that is bigger than almost anything else you could do through federal policy."An analysis from the nonpartisan <a target="_blank" class="" href="https://www.piie.com/sites/default/files/2024-09/wp24-20.pdf">Peterson Institute for International Economics</a> said the 60% tariff on Chinese imports could boost inflation by 0.4 percentage points in 2025. The current inflation rate is 2.4%, the lowest rate in three years. A 0.4-percentage point increase would undercut the <a target="_blank" class="" href="https://www.businessinsider.com/higher-long-term-inflation-outlook-investing-strategy-attractive-bonds-stocks-2024-10">Federal Reserve's goal</a> to bring inflation down to 2%.An analysis from the <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">Institute on Taxation and Economic Policy</a>, a left-leaning think tank, said that the tariffs will provide a tax cut for the top 5% of US income earners.Some <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">company executives</a> have been vocal about the impacts of the tariff proposals.AutoZone CEO Philip Daniele said on a pre-election earnings call, "If we get tariffs, we will pass those tariff costs back to the consumer."Columbia Sportswear CEO Timothy Boyle told <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">The Washington Post</a> that the company is "set to raise prices" under new tariffs and that it will be "very, very difficult to keep products affordable for Americans."<a target="_blank" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">BMW CEO Oliver Zipse</a> offered a more optimistic view of the tariffs to reporters after the company's Q3 earnings report on Wednesday, saying, "We shouldn't be too nervous about what might happen."He said BMW has an "advantage" over other carmakers because of its large footprint in the United States.

Mark Cuban says Trump's tariff proposals will ramp up prices

<ul class="summary-list"><li>High prices helped Trump get elected. Economists say his proposals could also be inflationary.</li><li>Lower taxes, new tariffs, and deportations are seen by some as driving inflation and higher rates.</li></ul>A key sticking point for the 73,479,065 Americans (and counting) who voted for President-elect Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">was inflation</a>.Many people tired of high prices on everything from cars to gas to eggs and milk ended up voting with their wallets. Some of the states that saw the biggest swings towards Trump were ones where real <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">wages had declined</a>, giving people less spending power to fend off rising prices.However, if Trump follows through with his campaign promises, some economists say it is likely that his second term will result in the type of inflation increase that helped him secure the White House.While the extent to which the new regime is inflationary depends on how many proposals actually get executed, a consensus is building that the more heavy-handed versions of Trump's agenda would lead to higher prices.It's a notion the Trump camp has pushed back against. In August, on the campaign trail, the president-elect said his proposals would not influence US prices are swore to push them lower.In the week leading up to the election, Taylor Rogers — a Republican National Committee spokesperson — <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">told BI in a statement</a> that, if elected, Trump would "once again cut taxes and unleash American energy to lower prices on groceries and other goods."<h2 id="192b47c8-9f61-4858-a383-70b2e3a515cc">Inflationary promises</h2>The main Trump proposals viewed as inflationary are: sweeping tariffs on imports, mass deportation of immigrants, and lower taxes.Trump has proposed a universal tariff of as much as 20% and as high as 60% for goods from China.<a target="_blank" class="" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">According to the US Census Bureau</a> broad tariffs would impact the price of automobiles, drugs, food and beverages, furniture, and household appliances, and an <a target="_blank" rel=" nofollow" class="" href="https://taxpolicycenter.org/taxvox/tpc-trump-tariffs-would-raise-household-taxes-and-slow-imports">analysis</a> by the nonpartisan Tax Policy Center said that Trump's tariff proposals would decrease post-tax incomes by an average of $1,800 in 2025.Tariffs are paid for by the companies importing goods into the country, rather than by the companies exporting their products to the US.Typically, US companies simply pass the tariff costs to consumers via higher prices, and company executives <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">are already signaling this to investors.</a>"If we get tariffs, we will pass those tariff costs back to the consumer," Philip Daniele, CEO of AutoZone, <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">said on a pre-election earnings call.</a>"We're set to raise prices," Timothy Boyle, CEO of the retailer Columbia Sportswear, told the Washington Post about potential tariffs in October. "It's going to be very, very difficult to keep products affordable for Americans," he added.Trump's promise to deport of millions of immigrants <a target="_blank" class="" href="https://www.businessinsider.com/immigration-jobs-economic-impact-inflation-job-market-wages-paul-krugman-2024-7">is also seen as likely to boost inflation by shocking the labor market,</a> especially in the sectors with large immigrant workforces like construction and agriculture.A shortage of labor in these areas of the economy is expected to force companies to raise wages to attract new workers, which could then in turn raise prices to make up for the higher cost.The CEO of the National Association of Homebuilders<a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-policy-election-housing-home-prices-construction-costs-2024-10"> told Business Insider</a> before the election that mass deportations would ultimately lead to higher home prices and a slower pace of building."It's pretty clear to me, all else being equal, you reduce the labor supply very abruptly, and you're going to get an increase in inflation because of an increase in prices," economist Wendy Edelberg <a target="_blank" class="" href="https://www.businessinsider.com/trump-mass-deportation-immigraiton-plan-federal-reserve-inflation-2024-9">told Business Insider in September.</a> "That's relatively straightforward."Finally, lower tax rates are typically viewed as stimulative for the economy and could unleash a wave of spending on goods and services by both consumers and businesses, with prices rising in the face of higher demand.<h2 id="ad348b73-8929-4bf9-b3cc-6702834bdfdc">Possible inflation fallout</h2>If Trump delivers on all of these proposals, then a rebound in inflation is all but guaranteed, economists have said."We're talking about an inflationary shock that is bigger than almost anything else that you could do through federal policy," <a target="_blank" class="" href="https://wwnorton.com/books/9780393333138">left-leaning</a> Nobel laureate <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-economy-outlook-inflation-job-market-election-paul-krugman-2024-10">Paul Krugman said</a> of the tariff plan.A new bout of inflation would put the Federal Reserve on notice to start hiking interest rates again, which would further strain consumers via higher borrowing costs.The bond market is already signaling this. <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">Yields have surged since Trump's election victory</a> and market-based inflation expectations have jumped to the highest level since April, as measured by the five-year breakeven inflation rate."It reflects legitimate worries about the path of government spending and what that could mean for inflation," Ned Davis Research economist Veneta Dimitrova said in a note on Friday."With the economy already operating slightly above potential, additional government stimulus at this stage of the business cycle will likely be inflationary," Dimitrova added.It's worth noting that the tariffs Trump enacted in his first term did not result in a significant inflation increase. The difference this time around — and the reason inflation forecasts are more stark — is how much deeper and more wide-reaching Trump's tariff proposals are for not just China but also the rest of the world.

Economists say Trump could give Americans the very thing they voted against

Tim Boyle/Getty ImagesCostco was one of the only retailers to report strong holiday sales numbers.<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/target">Target</a>, Macy's, and <a href="https://www.businessinsider.com/category/kohls">Kohl's</a> all reported weaker-than-expected sales numbers for the holiday season. </li><li>Meanwhile, sales at <a href="https://www.businessinsider.com/category/costco">Costco</a> were up 9%, standing in stark contrast to its peers. </li><li>Costco is known as one of the few retailers to successfully stave off the threat of <a href="https://www.businessinsider.com/category/amazon">Amazon</a>. Experts say its unique business model and shopping experience are behind its strength. </li><li><a href="http://newsletter.businessinsider.com/join/4np/drivethru">Sign up for Business Insider's retail newsletter, The Drive-Thru, to get more stories like this in your inbox</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Target joined the lineup of retailers to report weaker-than-expected holiday sales numbers on Wednesday. The big-box store reported that sales grew 1.4% during November and December, <a href="https://www.wsj.com/articles/target-says-holiday-sales-missed-its-forecasts-11579087833">breaking its eight-quarter</a> streak of 3% growth or more. While analysts weren't ready to sound the alarm just yet, its results stood in stark contrast to another one of retail's top players - Costco, indicating that the warehouse chain really is one of the few players that has managed to stave off the threat of Amazon.<h2>What does Costco do best?</h2>Despite technical glitches over Thanksgiving, which <a href="https://www.businessinsider.com/costco-ceo-addresses-thanksgiving-website-crash-stopped-shoppers-2019-12?r=US&amp;IR=T">experts estimated to have cost Costco as much as $11 million</a> in online sales, the warehouse chain reported a 9% increase in same-store sales during the most recent holiday season. When compared to its brick-and-mortar peers - Macy's, Kohl's, and, most recently, Target - these numbers look out of place, but they're proof that Costco's unique business model and shopping experience are paying off with customers. Experts say there are several key reasons for this. First, while Amazon is king on convenience, Costco's pièce de résistance is that it offers discounts on products bought in bulk, and these deals give customers a reason to keep coming back to the store. "Members trust that they are going to get a good deal on whatever they buy," Timothy Campbell, a director at Kantar Consulting, told Business Insider. "I think the fact that it has been doing that for decades has enabled it to withstand the online onslaught."Moreover, as it is a membership-only club, customers have more incentive to stay loyal to the brand and shop here more frequently.In addition to deals, Costco offers its members an array of benefits: deals on vacations and cars, for example, as well as cheap gas, which drives foot traffic to stores. <h3>NOW WATCH: <a href="https://www.businessinsider.com/rise-and-fall-of-jell-o-gelatin-snacks-2019-12">The rise and fall of Jell-O</a></h3>

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CEOs around the world started talking about Trump's tariffs as soon as he won

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