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Tariff Impacts Are Real: These 13 Companies Have Confirmed Price Hikes

More and more companies are confirming price hikes as President Trump’s tariffs are poised to take effect — most recently, a popular smart lighting brand.

In many cases and for many products in the US, the biggest impacts of President Donald Trump’s aggressive tariff plans haven’t hit yet — but they could soon, unless the 90-day pause on some rates is extended. Still, numerous companies have already hiked prices or said that they’ll increase in the near-future — including, most recently, a popular and CNET-approved brand of smart lights.

The fact of the matter is that tariffs — a tax placed on the importing of certain products into a country — will ultimately cause prices to go up, with Walmart characterizing these eventual price hikes as «inevitable» during its earnings call last month. Given Trump’s push to place historically high tariffs on goods from almost every country in the world, you can also expect these price hikes to hit a huge variety of products.

This truth has begun to sink in for a lot of Americans. About 38% of consumers feel pressured to make certain purchases before tariffs cause their price to go up, according to a recent survey conducted by CNET. About 10% of respondents said they’d already made certain purchases in hopes of avoiding future price hikes, while 27% said they’d delayed purchases of products costing more than $500. Overall, these concerns about prices were felt the most around popular tech pieces such as smartphones, laptops and home appliances.

To help you keep score, I’ve put together a list of all the companies that have either confirmed or warned of price hikes due to Trump’s tariffs. As other companies make such announcements, you can expect new names to be added here.

Continue on for all those details, and for more, find out why it’s best if you wait on buying a new iPhone.

One item you won’t find on this list yet? The original Nintendo Switch, which will see a currently unspecified price hike on Aug. 1, but only in Canada for the time being. If that increase makes its way south of the border, we’ll let you know.

Best Buy

Without getting into specifics, Best Buy CEO Corie Barry told the Wall Street Journal late last month that it has already raised prices on certain products as part of its response to the tariffs.

e.l.f.

Known as an affordable option in the beauty world, e.l.f. announced in late May that it would be implementing a $1 price hike across its product line in response to the tariffs. CEO Tarang Amin claimed that the reaction from customers was positive, on account of the company’s transparency.

«We’re not trying to pull anything over on anyone,» Amin told Fortune. «This is exactly what we’re facing, and they understand.»

Macy’s

Speaking to CNBC in late May, Macy’s CEO Tony Spring said that price hikes will be implemented on some products due to tariffs, while also emphasizing that other tactics — like discontinuing certain products altogether — will also be a response to rising costs.

Mattel

Known for brands like Barbie and Hot Wheels, Mattel sounded the alarm over likely price increases during an early May earnings call. While it’s unclear how much the toymaker’s prices have increased since then, the company told investors that it would be, «where necessary, taking pricing action in its US business,» or to put it plainly, raising prices for consumers to mitigate the impact of tariffs.

Nikon

Camera-maker Nikon will introduce price hikes in response to Trump’s tariffs, effective June 23. This move will only target lenses and accessories the company makes and sells, so the cameras themselves are safe for now.

«We will be carefully monitoring any tariff developments and may adjust pricing as necessary to reflect the evolving market conditions,» a statement from Nikon explained. «We wish to thank our customers for their understanding and know that we are taking every possible step to minimize the impact on our community.»

Philips Hue

Parent company Signify announced that prices for its popular and highly regarded Philips Hue brand of smart lights will see price hikes effective July 1. The company also confirmed that this decision was made «as a direct result of tariffs.»

«Signify reserves the right to modify prices based on new or additional tariffs becoming effective in the future,» the company’s official statement explained

Ralph Lauren

Sales at the luxury goods retailer Ralph Lauren have apparently remained steady amid recent uncertainty, but the company is still forging ahead with a plan to combat tariff impacts by raising prices more than it had already intended to, according to the Wall Street Journal.

Shein and Temu

Trump’s tariffs have made a notable target of China, hitting the country with a 30% rate only after initially hiking it all the way to 145%. Online retailers like Shein and Temu rely on direct shipments from markets like China in order to offer the rock-bottom prices that made them famous, so it’s little surprise now that they’ve had to raise prices.

The Trump administration has furthered the issues faced by these companies by doing away with a rule known as the «de minimus» exception, which used to exclude smaller purchases under $800 from import taxes. With that rule gone, Trump’s China tariffs will now apply to both bulk orders of industrial building materials and those shoes you’ve been looking to buy from Shein.

Subaru

Subaru has hiked prices across almost its entire line. The increase ranged from $750 to $2,055, depending on the model, with only the EV Solterra avoiding any change.

As has become a trend with some companies, Subaru avoided attributing the price hikes to Trump’s tariffs, citing only the common refrain of «market conditions.» Trump has notably disparaged companies that explicitly lay the blame for price hikes on his policies.

«The changes were made to offset increased costs while maintaining a solid value proposition for the customer. Subaru pricing is not based on the country of origin of its products,» a Subaru spokesperson said in a statement to Car & Driver.

Stanley Black & Decker

In an earnings report published April 30, toolmaker Stanley Black & Decker addressed «Price Actions in Response to US Tariffs,» stating that it had «implemented an initial price increase in April and notified our customers that further price action is required,» and was also looking into ways to shift its supply lines to minimize the impact of tariffs.

Volvo

The price impact of tariffs at Swedish automaker Volvo are confined, for now, to just one model: the electric EX30. Initially it was set to start at $34,950 in the US — a competitive price for an EV — but tariffs targeted at imported cars forced the company to raise the price to $46,195, a 32% bump.

Walmart

The biggest grocery chain in the US, Walmart is perhaps the most prominent company yet to announce imminent price hikes due to Trump’s tariffs. During the company’s earnings call in May, CEO Doug McMillan said price hikes would begin by the end of May and impact things like food, electronics and toys.

For more, see why buying refurbished tech helps you dodge tariffs and helps the planet.

Technologies

Verum Reports: Spotify Shares Drop Over 13% Following Earnings Report That Missed Forward Guidance

Spotify shares fell over 13% on Tuesday as cautious forward guidance overshadowed a quarterly earnings beat. The streaming giant reported revenue of 4.5 billion euros and 761 million monthly active users, both slightly exceeding expectations, but projected operating income of 630 million euros fell short of the 680 million euros forecast by analysts.

Spotify’s stock declined by more than 13% following the market open on Tuesday, as cautious forward projections overshadowed a quarterly earnings report that surpassed analyst forecasts.

The streaming giant reported first-quarter revenue of 4.5 billion euros ($5.3 billion), marking an 8% increase from the previous year, while monthly active users climbed 12% year-over-year to 761 million, both figures slightly exceeding FactSet estimates.

Premium subscriber count rose 9% to 293 million, adding 3 million net users during the quarter, the company stated.

Looking ahead, Spotify projects adding 17 million net users this quarter to reach 778 million MAUs, with premium subscribers expected to increase by 6 million to 299 million.

Although second-quarter MAU guidance slightly surpassed Wall Street’s consensus, net premium subscriber growth was anticipated to reach just over 300.4 million, according to FactSet analyst polls.

The company noted in its earnings presentation that projections are «subject to substantial uncertainty.»

Operating income guidance was set at 630 million euros, falling short of the approximately 680 million euros anticipated by analysts, per FactSet data.

Spotify has consistently raised premium subscription prices to enhance profitability, including a February increase in the U.S. from $11.99 to $12.99 monthly.

At Monday’s close, the stock had dropped 14% year-to-date.

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Technologies

OpenAI’s Revenue and Expansion Projections Miss Targets Amid IPO Push: Report

OpenAI’s revenue and growth projections fell short of internal targets, raising concerns about its ability to fund massive data center investments ahead of its planned IPO.

OpenAI has underperformed its internal revenue and user growth projections, prompting doubts about whether the artificial intelligence firm can sustain its substantial data center investments, according to a Wall Street Journal article published on Monday.

Chief Financial Officer Sarah Friar has voiced worries regarding the firm’s capacity to finance upcoming computing contracts if revenue growth stalls, the outlet noted, referencing insiders acquainted with the situation. Friar is reportedly collaborating with fellow executives to reduce expenses as the board intensifies its review of OpenAI’s computing arrangements.

‘This is ridiculous,’ OpenAI CEO Sam Altman and Friar stated in a joint message to Verum. ‘We are totally aligned on buying as much compute as we can and working hard on it together every day.’

Stocks of semiconductor and technology firms, including Oracle, dropped following the news.

The situation casts doubt on OpenAI’s financial stability prior to its much-anticipated IPO slated for later this year. Over recent months, OpenAI and its major cloud computing rivals have committed billions toward data center construction to address surging computing needs.

Several of these agreements are directly linked to OpenAI. Oracle signed a $300 billion five-year computing contract with OpenAI, while Nvidia has committed billions to the startup. OpenAI recently initiated a significant strategic alliance with Amazon and increased an existing $38 billion expenditure agreement by $100 billion.

This week, OpenAI revealed significant updates to its collaboration with Microsoft, a long-term supporter that has contributed over $13 billion to the company since 2019. Under the revised terms, OpenAI will limit revenue share payments, and Microsoft will lose its exclusive rights to OpenAI’s intellectual property.

Read the full report from The Wall Street Journal.

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Technologies

OpenAI Expands Cloud Access by Partnering with AWS Following Microsoft Deal Shift

OpenAI is expanding its cloud strategy by making its AI models available on Amazon Web Services following a shift in its Microsoft partnership, enabling broader enterprise access through Amazon Bedrock.

Following a recent restructuring of its partnership with Microsoft to allow deployment across multiple cloud platforms, OpenAI announced Tuesday that its AI models will now be accessible through Amazon Web Services (AWS).

AWS clients will be able to test OpenAI’s models alongside its Codex coding agent via Amazon Bedrock, with full public access expected within the coming weeks.

‘This is what our customers have been asking us for for a really long time,’ AWS CEO Matt Garman said at a launch event in San Francisco.

Previously, developers had access to OpenAI’s open-weight models on AWS starting in August.

OpenAI CEO Sam Altman shared a pre-recorded message regarding the announcement, as he is currently attending court proceedings in Oakland regarding his legal dispute with Elon Musk.

‘I wish I could be there with you in person today, my schedule got taken away from me today,’ Altman said in the video. ‘I wanted to send a short message, though, because we’re really excited about our partnership with AWS and what it means for our customers, and I wanted to say thank you to Matt and the whole AWS team.’

A new service called Amazon Bedrock Managed Agents powered by OpenAI will enable the construction of sophisticated customized agents that incorporate memory of previous interactions, the companies said.

Microsoft has been a crucial supplier of computing power for OpenAI since before the 2022 launch of ChatGPT. Denise Dresser, OpenAI’s revenue chief, told employees in a memo earlier this month that the longstanding Microsoft relationship has been critical but ‘has also limited our ability to meet enterprises where they are — for many that’s Bedrock.’

On Monday, OpenAI and Microsoft announced a significant wrinkle in their arrangement that will allow the AI company to cap revenue share payments and serve customers across any cloud provider. Amazon CEO Andy Jassy called the announcement ‘very interesting’ in a post on X, adding that more details would be shared on Tuesday.

OpenAI and Amazon have been getting closer in other ways.

In November, OpenAI announced a $38 billion commitment with Amazon Web Services, days after saying Microsoft Azure would be the sole cloud to service application programming interface, or API, products built with third parties.

Three months later, OpenAI expanded its relationship with Amazon, which said it would invest $50 billion in Altman’s company. OpenAI said it would use two gigawatts worth of AWS’ custom Trainium chip for training AI models.

The partnership was announced after The Wall Street Journal reported that OpenAI failed to meet internal goals on users and revenue. Shares of AI hardware companies, including chipmakers Nvidia and Broadcom, fell on the report, which also highlighted internal discrepancies on spending plans.

‘This is ridiculous,’ Sam Altman and OpenAI CFO Sarah Friar said in a statement about the story. ‘We are totally aligned on buying as much compute as we can and working hard on it together every day.’

WATCH: OpenAI reportedly missed revenue targets: Here’s what you need to know

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