Companies from Chipotle to Delta Are Worried About Trump’s Tariffs. Here’s What They’re Saying

As former President Donald Trump ramps up his 2024 campaign rhetoric, one of his most consistent and controversial promises is again taking center stage: tariffs. Trump has floated the idea of imposing a blanket 10% tariff on all imports, and as much as 60% on Chinese goods if reelected. While this approach may appeal to protectionist voters, American companies across a wide range of industries—from fast-casual restaurants to global airlines—are raising red flags.

From boardrooms to earnings calls, corporate leaders are warning that another wave of tariffs could mean higher costs, more supply chain headaches, and ultimately, steeper prices for consumers.

Here’s what major companies are saying about the potential impact of Trump’s proposed tariff policies:

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Chipotle: Avocados and Inflation Anxiety

Chipotle Mexican Grill, a company that relies heavily on imported produce like avocados from Mexico, isn’t mincing words. Executives fear that sweeping tariffs would disrupt food costs and pressure already-tight margins. “We’ve made significant progress on cost control, but tariffs on key ingredients could undo that quickly,” a Chipotle spokesperson said. “This isn’t just a supply chain issue—it’s a pricing issue that directly affects our customers.”

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Delta Air Lines: Jet Parts, Fuel, and Global Routes

For an international carrier like Delta, tariffs have far-reaching implications. CEO Ed Bastian expressed concern in a recent interview that tariffs on imported aircraft parts and fuel additives could drive up operating costs at a time when the airline industry is still recovering from pandemic-era losses. “Air travel is a global enterprise,” Bastian said. “Policies that raise costs across the board put American airlines at a competitive disadvantage internationally.”

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Walmart: A Return to Price Pressures

Retail giant Walmart has long been a bellwether for how trade policy affects consumers. During Trump’s first term, the company issued multiple warnings that tariffs on Chinese goods would lead to higher prices on everything from toys to electronics. That concern hasn’t changed. “We are closely monitoring trade policy proposals,” a Walmart executive noted. “Any broad-based tariffs would ultimately be felt by American families at the checkout line.”

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Caterpillar: Supply Chains in the Crosshairs

Heavy equipment manufacturer Caterpillar, which sources many components globally, warned that Trump’s proposed tariffs could be particularly damaging to U.S. manufacturing competitiveness. “We’ve spent years building a complex but efficient supply network,” said one senior executive. “A sudden spike in tariffs would create disruption, increase costs, and risk jobs—not just overseas, but here in America.”

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Target and the Retail Sector: Uncertainty Breeds Risk

Like Walmart, Target relies on a high volume of imported consumer goods. Analysts say another tariff regime could increase prices across many product categories, making it harder for retailers to maintain low-cost strategies. “Tariffs don’t just affect importers—they affect every part of the retail supply chain,” said Neil Saunders, managing director at GlobalData Retail. “And that cost gets passed on.”

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Apple: Tech and Trade Tensions

While Apple has not made any recent public statements directly addressing Trump’s new tariff proposals, the company has historically lobbied against tariffs on Chinese-manufactured electronics. With most of Apple’s products still assembled in China, renewed tariffs could hit hard. In 2019, CEO Tim Cook reportedly met with Trump to argue that tariffs would give competitors like Samsung an unfair edge. The same argument is likely to return to the forefront if Trump’s policies move forward.

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What’s Next?

Wall Street is watching closely. Goldman Sachs analysts recently issued a report suggesting that Trump’s tariff plan, if enacted in full, could add as much as 0.5% to core inflation. That would put additional pressure on the Federal Reserve and potentially delay interest rate cuts, further complicating the economic outlook.

Meanwhile, business groups like the U.S. Chamber of Commerce and the National Retail Federation are gearing up for another round of lobbying against what they call “blanket trade barriers.” They argue that targeted negotiations, not tariffs, are the better path toward economic competitiveness.

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The Bottom Line

Trump’s proposed tariffs are already generating anxiety in corporate America. From food chains to airlines, retailers to manufacturers, executives are worried that higher costs, greater uncertainty, and potential retaliation from trade partners could slow growth and hurt consumers.

As the 2024 election draws closer, businesses aren’t just planning for change—they’re bracing for impact.