Morning Business Report: Trump tariffs hit consumer goods, Home Depot price hikes

The Trump administration has announced new tariffs, imposing 50 percent duties on more than 400 additional products containing aluminum or steel.

(LILAMAX)- The Trump administration has announced new tariffs, imposing 50 percent duties on more than 400 additional products containing aluminum or steel. The expanded list includes car parts, plastics, and specialty chemicals. Economists warn the move could add strain to U.S. supply chains and raise costs for consumers.

Home Depot says it will be raising some prices as a result of tariffs. After releasing quarterly results Tuesday, Chief Financial Officer Richard McPhail confirmed the retailer will implement increases, marking a shift after previously limiting comments on tariff impacts.

On Wall Street, tech shares weighed on the markets Tuesday, while investors shifted toward utilities and healthcare stocks.

In another development, the Federal Trade Commission has filed suit against ticket reseller Key Investment Group. Regulators say the company illegally bought thousands of tickets to live events, including Taylor Swift’s Eras Tour, and resold them at inflated prices. The FTC claims the group used 49 accounts to purchase 273 tickets for a single Swift concert, skirting a six-ticket purchase cap. Ticketmaster came under fire in 2022 for its chaotic rollout of Swift’s tour tickets, which was overwhelmed by fans, bots, and resellers.

Meanwhile, Amazon has shut down its Appstore for Android devices. Launched as a competitor to Google Play, the store will no longer operate on Android, though it will remain available on Amazon Fire TV and Fire tablets. Customers with unused Amazon Coins will receive refunds.