Best Buy CEO Corie Barry said Tuesday that personal electronics could become more expensive if President-elect Donald Trump follows through on his slap threat New tariffs on foreign goodsas major retailers struggle to assess the potential impact of proposed levies on their business.

The warning came a day after Trump announced he would impose a penalty New round of tariffs on his first day in office over Mexico, Canada and China. Before the Nov. 5 election, he had proposed a 10% base tariff on all U.S. imports and a 60% tariff on goods shipped from China, arguing that such levies would protect domestic manufacturers and encourage American companies to create jobs at home create.

Any additional costs for U.S. imports from the tri-county area “will be borne by our customers,” Barry told investors in the company’s Nov. 26 earnings call, pointing out that “there is very little in the consumer electronics space that is not imported.”

“These are goods that people need and higher prices are not helpful,” she added.

Price increases are not guaranteed, Barry warned, saying any impact on the retailer’s costs and prices would depend on how new tariffs might be implemented.

“I think it’s going to be a very fluid situation as we continue to work through it,” she said, adding that the company will “make sure we do everything we can to keep prices reasonable for our customers.” .”

Best Buy could try to partially offset the impact of new tariffs by importing more goods before the tariffs take effect in 2025 and working with suppliers to source products from countries other than China, Barry said during the call. About 60% of the goods Best Buy sells are imported from China.

“We are already planning the next steps and working with our supplier partners,” she said.

Barry’s comments are echoed by other retailers and manufacturers as they brace for the impact of higher tariffs on their supply chains. The Consumer Technology Association (CTA) has warned that Trump’s proposed tariffs could lead to higher prices for smartphones, laptops and tablets, connected devices, video game consoles and computer accessories.

Ed Brzytwa, CTA’s vice president of international trade, said a number of the trade group’s members are “advancing 2025 imports to 2024 to stay ahead of tariffs.”

As for possible price increases for consumers, “a number of people are now becoming aware that this could be a reality,” he said.