DENVER (CBS4)– Chipotle says it may have to raise prices if the Trump administration increases tariffs on Mexico. President Donald Trump has threatened to slap a 5% tariff on Mexican imports unless America’s southern neighbor cracks down on Central American migrants trying to cross the U.S. border.
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The tariffs are set to take effect on June 10.READ MORE: Bear Captured Frolicking In The Snow At Roxborough State Park
Chipotle says if the tariffs are put in place, it would cost them $15 million over the course of a year.MORE NEWS: Marijuana Social Equity Fair Seeks To Level The Playing Field For Communities Of Color
Chipotle’s CEO says the company is considering a 5 cent increase on burritos to make up for the tariff increase.