Target CEO Brian Cornell spoke with CNBC about his plans to stem the retailer's slump in sales, and how potential tax changes under the Trump administration and Republican-led Congress could impact his company.
"I think this is across the entire industry — not just Target — but as this plan is structured we can see consumer prices go up 20 or 25 percent," Cornell said in reference to the border adjustment tax in House Speaker Paul Ryan's reform proposal. It is not yet clear whether President Donald Trump will endorse that part of the plan, but he may give a hint Tuesday evening in his speech to Congress.
"That's not good for anyone in America, and it's certainly not good for the families that shop at our stores," Cornell added.
Shares of Target fell more than 12 percent Tuesday, their largest one-day loss in eight years as the retailer reported fiscal fourth-quarter results that were lower than expected.