09:22 AM EST, 03/04/2025 (MT Newswires) -- Best Buy ( BBY ) Chief Executive Corie Barry said Tuesday that price increases are "highly likely" amid the tariffs imposed by President Donald Trump on China and Mexico.

"China and Mexico remain the number one and number two sources for products we sell, respectively," Barry said on a call to discuss the company's Q4 earnings, according to a Capital IQ transcript. "While Best Buy ( BBY ) only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely."