Sharpie, Yankee Candle maker warns prices could rise due to tariffs

Newell Brands, the maker of household items such as Sharpie markers, Yankee Candles and the Crockpot, on Monday said it would consider raising prices to offset losses related to tariffs imposed by the Trump administration.

The New Jersey-based company said the tariffs could have a negative annual impact of as much as $100 million on its bottom line, adding that the duties could prevent it from hitting financial targets in 2018.

“Virtually every business has been impacted, with the greatest exposure on baby, appliances and food [products],” Newell Brands CEO Michael Polk said, adding that the company is “not going to hesitate to take the price up” on products to offset the impact of tariffs.

Newell Brands shares fell more than 14% in trading Monday.

The Trump administration has enacted import tariffs on steel and aluminum, as well as $34 billion worth of Chinese goods. China and the European Union responded with retaliatory tariffs. Newell said the negative impact would grow worse if the administration follows through on threats to increase the import duty on Chinese goods to 25% from 10%.

Polk said the company is aiming to cover costs associated with tariffs “dollar for dollar through pricing.” It’s unclear which products could see price increases.

Other Newell Brands products include Rubbermaid, Paper Mate and Elmer’s glue.