02:00 PM EDT, 03/20/2025 (MT Newswires) -- Best Buy ( BBY ) said in its 10-K annual report Wednesday that new tariffs under the Trump administration could "adversely" impact its supply chain and increase costs.

The electronics retailer said its supply chain is "heavily reliant" on vendor imports from China and Mexico, which make up 55% and 20% of the products it purchases.

The company said that its consumer electronics merchandise, as well its "underlying technological infrastructure," are dependent on rare earth elements that are mainly processed in China.

Tariffs on its imported products and parts, as well as international retaliatory actions, could impact "the availability of underlying technology" critical to its operations, Best Buy ( BBY ) said.

Best Buy ( BBY ) also said policies impacting crucial international trade routes, such as the Panama and Suez canals, may adversely affect its operations and financial results.

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