Shoppers waiting for the right deal to upgrade their laptop or smartphone won’t want to wait past the holidays: New tariffs on products from China and other countries would lead to higher prices at retailers like Best Buy next year.

President-elect Donald Trump vowed Monday to increase tariffs on China by another 10% and impose 25% tariffs on goods imported from Mexico and Canada. These tariffs would in many cases be passed on to consumers, reversing years of declines in the average cost of consumer electronics.

“There are very, very thin margins in this industry, which means the vast majority of this tariff will likely be passed on to the consumer as a price increase,” Best Buy CEO Corie Barry said Tuesday. “These are goods that people need, and higher prices don’t help.”

Barry said about 60% of Best Buy’s inventory, measured by cost, is imported from China or relies on Chinese parts; Mexico is the second largest exporter of Best Buy’s products.

The added pressure comes at a time when Best Buy can least afford it.

The Richfield-based retailer has struggled to grow sales and missed profit expectations for the first time in two years in the quarter ended October. Election uncertainty, economic malaise and bargain-hungry shoppers fueled weak demand and a disappointing third quarter for the electronics chain.

The retailer reported profit of $273 million, or $1.26 per share, for the quarter ended October. Although it was an improvement from the previous year, analysts had expected $1.30 per share.