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.
The tariffs are set to take effect on June 10.
Chipotle says if the tariffs are put in place, it would cost them $15 million over the course of a year.
Chipotle’s CEO says the company is considering a 5 cent increase on burritos to make up for the tariff increase.