jetcityimage/Getty Images
Home Depot has had to shift its stance on tariffs—or at least come clean that it’s just as affected as every other company.
In May, a Home Depot executive said the company wasn’t planning to raise prices in response to tariffs, noting it had long diversified where it sources its products.
“We don’t see broad-based price increases for our customers at all going forward,” Executive Vice President Billy Bastek insisted.
But this week, Chief Financial Officer Richard McPhail told the Wall Street Journal that “for some imported goods, tariff rates are significantly higher today than they were at this time last quarter. So as you would expect, there will be modest price movement in some categories, but it won’t be broad based.”
So, which products will now cost you more at the hardware store—and is there any way to combat the prices?
The toll of tariffs
Earlier this month, President Donald Trump‘s historic tariffs on imports—some as high as 50%—went into effect.
The White House unveiled its complete list of “reciprocal” tariffs, targeting products from over 60 nations as well as the European Union.
The majority of imports now face baseline tariffs of 10%.
Shipments from Japan, South Korea, and the EU will carry a 15% rate, while Brazil and India face steep 50% tariffs.
Last week, Trump issued an executive order delaying a planned increase in U.S. tariffs on Chinese imports for 90 days.
All of this is to say that more and more goods coming into the country will now cost more than before, and the home remodeling sector is feeling the pain.
What products are affected
In speaking to the Journal, McPhail did not elaborate on which product categories could be most affected by tariffs. Realtor.com® requested a comment from Home Depot, but the company did not respond by press time.
However, what we do know is that, regardless of where you shop for hardware, prices are going up.
Lumber, which is essential for new-home construction projects, is subject to Trump’s tariffs. Canada, which is a major supplier of lumber to the U.S., now faces 35% tariffs, up from 25% announced earlier this year.
Trump has also doubled tariffs on imported steel and aluminium, from 25% to 50%.
And on Tuesday, the U.S. Commerce Department said it is hiking steel and aluminum tariffs on more than 400 products, including furniture and appliances such as refrigerators, freezers, and dryers.
Prices are already increasing
Home remodeler Ben Kuhl, CEO of Shelf Expression, tells Realtor.com he’s seen Home Depot raise prices on nails, screws, and drywall anchors in recent weeks—but the steepest jump has been in plywood.
A Reddit user agreed, writing, “I bought some 3/4″ plywood in March for $29 a sheet. Two weeks ago, I paid $35 a sheet.”
Home improvement expert Sam Everett, founder of Sanyipace, says, “I did a store walk at Home Depot recently to check what prices had shifted. Drywall and electrical conduit were creeping up by a few bucks per bundle or sheet. Caulks, sealants, and spray foam were up 10% to 15%. Even midrange power tools had new stickers.”
TikTok user TimmyTechTV says prices were already changing in May, when he witnessed the cost of a power tool being raised from $249 to $349 while he was at Home Depot.
As prices increase, “contractors will need to pass on these costs to the consumers,” explains Kuhl. “This may actually spur homeowners to tackle more DIY projects, as hiring a professional may start to be cost-prohibitive.”
Everett says he believes people will still tackle renovation projects, but with more careful planning.
“Instead of impulse upgrades, people will start breaking projects into phases, salvaging or reusing more, and hunting harder for sales,” he says.