Sales and profits slipped for Minneapolis-based Target​ during the crucial holiday quarter as customers held back on spending and the company said there will be "meaningful pressure" on its profits to start the year because of tariffs​ and other costs.

Retailers from auto shops to athletic brands have indicated that tariff costs will likely be passed on to the consumer. Target and Best Buy, two of the country’s largest retail chains, warned their prices will increase after President Donald Trump’s 25% tariffs on goods from Mexico and Canada went into effect on Tuesday,