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Report: Best Buy CEO fears tariff-based trade war

Best Buy CEO Hubert Joly is keeping a keen eye on upcoming U.S. tariffs — and what they could mean for retailers.

In anticipation of President Donald Trump's announcement about levies on imports, specifically those made of steel and aluminum, Joly has a legitimate fear — economic retaliation, according to CNBC.

"My hope, as of member of this country, is that whatever happens here does not result in a trade war. This is a world of interdependence, and it needs to be a fair world,” he said in the report.

Tariffs on steel and aluminum imports go into effect next week, a move that follows the president’s recent approval of tariffs on solar cells and certain washing machines imposed earlier this year, the report said.

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