Amazon CEO Andy Jassy says consumers are starting to see higher prices as sellers look to absorb additional costs from President Donald Trump’s tariffs.
Jassi told cnbc Amazon and many of its third-party sellers had stockpiled inventory ahead of the tariffs to keep prices down, but most of that supply ran out last fall.
“So you start to see some tariffs creeping into certain prices, certain commodities, and you see some sellers deciding that they are passing those higher costs on to consumers in the form of higher prices, some deciding that they will absorb it to drive demand and some doing something in between,” Jassi said. “I think you’re starting to see that impact more.”
Amazon’s comments indicate a change from last year Jassi had said that prices have not increased After Trump announced the tariffs.
Jassy said Tuesday that although Amazon is trying to keep prices low, price increases may be inevitable in some cases.
“At a certain point, because retail, as you know, is a mid-single digit operating margin business, if people’s costs go up 10%, there are not a lot of places to absorb it,” Jassi said. “You don’t have endless options.”
Despite the tariffs, consumers are “quite resilient,” Jassi said, noting that some shoppers are looking for cheaper items and bargains, while others are deferring premium discretionary purchases.
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