CHESAPEAKE, Va. (WAVY) – Chesapeake-based Dollar Tree announced they are ready to make certain changes amid President-elect Donald Trump’s tariff plan.

Currently, the base price of many products at Dollar Tree is $1.25, but on Wednesday, the company announced prices may have to increase if Trump taxes imported goods — and possibly even take products off the shelves if they become too expensive.

The announcement comes as Dollar Tree’s Chief Financial Officer Jeff Davis said he plans to step down from his role.

Trump has said he plans to impose a 25% tariff on products from Mexico and Canada, as well as an additional 10% on goods from China. The proposed tariffs could impact products like steel and plastic from Canada, cars from Mexico and smartphones and computers from China.

According to the company, 40% of Dollar Tree’s sales are reliant on goods imported from China.

With Wednesday’s announcement, the company stated they are prepared to alter product specifications, change sizes, remove items from stores completely or raise prices if Trump goes through with his tariff plans.

“You could see these higher prices because it’s unlikely, for example, that these companies are going to take these big detriments to their bottom line, they’re going to pass that along,” George Washington University Investment Institute Director Rodney Lake said.

Dollar Tree also stated it will shift where it gets items from if the tariffs take effect.

Sens. Tim Kaine and Mark Warner said the tariffs would have an adverse affect on Virginia businesses and families.