Newell Brands, the company behind brands including Sharpie and Yankee Candle, says it won’t “hesitate” to raise prices over President TrumpDonald TrumpMark Walker to stay in North Carolina Senate race Judge lays out schedule for Eastman to speed up records processing for Jan. 6 panel Michael Avenatti cross-examines Stormy Daniels in his own fraud trial MORE’s tariffs.
Michael Polk, chief executive of Newell, which also makes Crock-Pot, Sunbeam and Rubbermaid products, said during an earnings call on Monday that “as the tariffs currently stand, the annualized impact on Newell Brands could be as much as $100 million,” according to Markets Insider.
Polk said it was too early to tell which brands would be affected most by retaliatory tariffs from Europe and China.
"I think it's too early to know exactly how much of the pricing will land,” Polk said, adding that the company is “not going to hesitate to take the price up.”
"We're living through an incredible period of change," Polk said. "The disruptions we're experiencing present challenges but [just] as importantly, new opportunities for our businesses and our people. Through this turbulence, our strategy remains unchanged."
Newell’s shares reportedly dropped by as much as 15 percent on Monday after the call.
The news comes weeks after Coca-Cola announced it will raise the price of its sodas this year in part due to the financial strain brought on by Trump's tariffs.