The "Shark Tank" star Mark Cuban said people should "buy lots of consumables" now before prices go up.
Cuban said retailers would raise prices and "blame it on tariffs," even if their goods are US made.
Mark Cuban has a suggestion for Americans: "Buy lots of consumables now."
Cuban made a post on Bluesky on Wednesday shortly after President Donald Trump announced sweeping tariffs that would hit more than 180 countries.
"It's not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now. From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory," Cuban wrote.
"Even if it's made in the USA, they will jack up the price and blame it on tariffs," Cuban added.
Cuban declined to comment further when approached by Business Insider.
On Wednesday, Trump announced reciprocal tariffs on all countries that had imposed tariffs on US goods. The tariffs, which Trump said would start at a baseline rate of 10%, are set to affect 185 countries.
"April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again," Trump said.
While companies may absorb some of the cost increases from tariffs, American consumers are likely to see higher prices on items such as cars and groceries.
Last month, the Federal Reserve chair, Jerome Powell, told reporters that "a good part" of the Fed's rising inflation forecast stemmed from Trump's tariff plans.
Supply chain experts BI spoke with, however, said that while Cuban's concerns about tariffs raising prices were valid, panic buying might hurt supply chains and cause prices to go up, too.
"Just as I said during COVID, no one should be panic-buying toilet paper and Clorox, and no one should be doing that now," said Margaret Kidd, an associate professor of supply chain and logistics technology at the University of Houston.
Kidd said consumers needed to be "conservative with our resources" since price increases were "happening across the board."
"We don't know how this is going to play out," Kidd said.
Chris Tang, a UCLA professor who's an expert in global supply chain management, said Cuban's suggestion could result in "bigger problems."
"This kind of shift in demand would actually exacerbate this price increase. If the demand is more stable, then the price is more stable. If everyone starts stocking up toothpaste and toilet paper, the prices go higher," Tang said.
To be sure, this isn't the first time Cuban has been critical of Trump's tariff policies. The "Shark Tank" star endorsed Vice President Kamala Harris during her presidential campaign last year, calling her a "pro-business" candidate.
In September, Trump said he'd impose a 200% tariff on John Deere if the agriculture equipment company moved its manufacturing to Mexico.
"This Lack of Understanding of Business is insane," Cuban wrote in an X post then.
He added that imposing higher tariffs on American companies than their Chinese counterparts meant that "Chinese products will be cheaper to sell in the US than the American company."
"Good way to destroy a legendary American company and increase costs to American buyers," Cuban wrote.
The White House didn't respond to a request for comment.
