• President Donald Trump's latest round of tariffs is a hot topic for corporate executives this week.
• Leaders at companies like Target, Best Buy, Chipotle, and more have shared their thoughts.
• We rounded up their most interesting quotes from earnings calls, investor conferences, and media appearances.

You know something is a hot topic of discussion when a CEO thanks a Wall Street analyst for not asking about it.

"Thank you for the question that wasn't tariff-related, Anthony," Best Buy CEO Corie Barry said during an earnings call Tuesday, during which she fielded multiple queries on the topic.

Indeed, President Donald Trump's trade war is the new elephant in the room this week as executives field questions on earnings calls, investor conferences, and media appearances.

C-suite execs at companies like Target, Chipotle, and more have shared their thoughts on how the new policies will impact their businesses, their customers, and the US economy.

While their approach and strategies vary, a common theme emerged among some of the business leaders: This is uncharted territory.

"We've not seen this level of tariff before," RBC CEO David McKay said Tuesday at a conference hosted by the bank in New York. "And it's a real departure from what's built, I think, some of the great pillars of success in this country."

Still, he added, "Even with all the tariffs, we're going to have a lot of trade."

And don't be surprised if companies hike prices — fast.

Here's what business leaders are saying.

AutoZone

CFO Jamere Jackson said during an earnings call Tuesday that AutoZone intends to raise prices in order to offset any tariff impacts.

"To be clear, we intend to maintain our margin profile post tariffs, and we expect the entire industry will behave in a rational way as our historical experience has shown," he said.

CEO Phil Daniele said on the call that new autos are more expensive than ever, giving US consumers less of an option about whether to repair or replace their aging vehicles.

Best Buy

Best Buy's Corie Barry told investors on an earnings call Tuesday that price increases on imported products are now "highly likely."

"Tariffs at this level will result in price increases," she said.

Barry said Best Buy directly imports about 2% to 3% of its products, primarily from China and Mexico, but its vendors will likely experience new costs and pass those along.

"We've never seen this kind of breadth of tariffs — and this, of course, impacts the whole industry, so it's not just a Best Buy question," she said.

Target

Target's Brian Cornell said in an interview with CNBC Tuesday that some grocery costs could go up as early as this week, especially in fresh categories that are typically imported from Mexico.

"Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days," he said.

"If there's a 25% tariff, those prices will go up," he said.

Stanley Black & Decker

Speaking at the Raymond James Institutional Investors Conference on Tuesday, CEO Don Allan said Stanley Black & Decker was in a "little bit of a wait and see" situation, especially regarding tariffs on Mexico.

"We do have a fairly substantial Mexican footprint, primarily for our DeWalt power tool business that serves the US market, and so we'll see how the negotiations happen between the two countries and where this lands," he said.

Chipotle

CEO Scott Boatwright told NBC Sunday that Chipotle would absorb costs from tariffs unless they become a "significant headwind" for the burrito chain.

He previously said that the company had reduced its sourcing of avocados from Mexico to 50% while increasing its supply from Colombia, Peru, and the Dominican Republic.

"We don't think it's fair to the consumer to pass those costs off to the consumer, because pricing becomes permanent," he said. "And so again, back to the idea of delivering extraordinary value to the consumer. We're going to stay the course."

Campbell's

CEO Mick Beekhuizen said in an earnings call Wednesday that Campbell's imports two key supplies from Canada: tinplate steel for its cans and canola oil for its chips.

"On the flip side, with some of the reference to the retaliatory tariffs, those mainly relate to Canadian exports," he added. "So we are producing our soup in the United States and we're importing it into Canada, and that would obviously have an impact on that business."

Beekhuizen said the company is working with suppliers to soften the impact of new tariffs, but didn't rule out price hikes.

"Now that being said, I'm obviously going to be very focused to make sure that we provide a good value to our consumers," he said.

• The CEOs of Target and Best Buy each addressed Trump's new tariffs on Canada, Mexico, and China.
• Target's chief executive, Brian Cornell, said some grocery costs could go up as early as this week.
• Best Buy CEO Corie Barry said price increases on imported products are now "highly likely."

Don't be surprised if your Target or Best Buy cart costs more than usual this month.

President Donald Trump's trade war has arrived, and retail CEOs say higher costs are soon to follow.

The chief executives of Target and Best Buy each addressed Trump's new tariffs on Canada, Mexico, and China, which went into effect early Tuesday ahead of both companies reporting their fourth-quarter earnings.

Best Buy's Corie Barry told investors on an earnings call that price increases on imported products are now "highly likely."

"Tariffs at this level will result in price increases," she said. "I think it is very difficult to say — given the backdrop that we're in — exactly, precisely how big that is."

Barry said Best Buy directly imports only about 2% to 3% of its products, primarily from China and Mexico, but that its vendors would likely be experiencing new costs and passing those along.

"We've never seen this kind of breadth of tariffs — and this of course, impacts the whole industry, so it's not just a Best Buy question," she said.

Target's Brian Cornell said in an interview with CNBC that some grocery costs could go up as early as this week, especially in fresh categories that are typically imported from Mexico.

"Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days," he said.

"If there's a 25% tariff, those prices will go up," he said.

Imports from Canada and Mexico are now subject to a 25% charge, while new duties on imports from China bring the total to 20%. Both Canada and China have since responded with retaliatory tariffs of their own, and Mexico said similar measures would be announced soon.

Target's chief commercial officer, Rick Gomez, said on the earnings call that the company now sources about 30% of its store brand products from China, down from 60% in 2017.

Gomez also explained that Target has stepped up its sourcing from countries like Guatemala and Honduras, among others, which are not currently affected by Trump's tariffs.

Shares of Target stock opened the day down roughly 5%, while Best Buy fell by nearly 14%.

Two-thirds of US shoppers surveyed by consumer analytics firm Numerator said they were concerned that tariffs would lead to higher prices on everyday goods, with more than half saying they're worried most about their grocery bills going up.

• Best Buy is bracing for Trump's proposed tariffs on imports from China and Mexico.
• "There's very little in the consumer-electronics space that is not imported," CEO Corie Barry said.
• Barry said consumers typically bear some of any added costs in the form of higher prices.

Best Buy is bracing for the impact of Donald Trump's proposed tariffs on imports from China and Mexico — especially as the vast majority of items it sells come from the two countries.

CEO Corie Barry said Tuesday during the retailer's third-quarter earnings call that despite recent efforts to diversify away from China, the country remained the company's largest source of merchandise, with about 60% of costs for goods it sold coming from Chinese suppliers.

Mexico is second on Best Buy's list, which, along with Canada, could see tariffs of 25% when Trump takes office in January. Goods from China would see an additional 10% charge if Trump followed through on his promise.

"There's very little in the consumer-electronics space that is not imported," Barry said. "Almost everything is imported."

She also said the COVID-19 pandemic and related supply-chain disruption interfered with the movement away from dependence on China.

If Trump imposes his earlier tariff proposal of 60% on goods from China, this additional 10% tariff would increase that percentage to 70%.

While most of Best Buy's products come from overseas, Barry said, the company is the importer of record for only about 2% to 3% of its total volume, with outside vendors handling the rest.

US importers of record are responsible for paying any fees on shipments arriving from countries targeted by tariffs, and companies may choose to pass those costs along to retailers, which may then raise prices for customers.

"We see that the customer ends up bearing some of the cost of the tariffs," Barry said. "For us, that's the hardest part. These are goods that people need, and higher prices are not helpful."

As the final rules and exemptions are worked out, Barry said, Best Buy is reviewing various options to soften the impact of new fees, including moving shipments earlier, shifting the product assortment, and negotiating with vendors.

"It's obviously an evolving issue," she said.