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Chipotle Mexican Grill (NYSE:CMG) could cover the cost of President Donald Trump's proposed tariffs on Mexican imports by raising burrito prices by 5 cents, chief financial officer Jack Hartung said in a statement to Reuters.
Last Thursday, Trump said the U.S. would impose a 5-percent tariff on all goods coming from Mexico. The tariff will be lifted to 25 percent over the coming months unless the Mexican government takes action to "reduce or eliminate the number of illegal aliens" entering the U.S. from Mexico's side of the border. Trump also said the tariffs will stay in place until the illegal immigration "problem is remedied."
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Chipotle is one of the first restaurant chains actively making thinking ahead to meet the tariffs head-on.
"We could also consider passing on these costs through a modest price increase, such as about a nickel on a burrito," Hartung told Reuters.
Chipotle's stock closed Friday at $659.97 per share, down about $20 from its previous closing price.
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Photo credit: Steven Depolo, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.