President-elect Donald Trump pledges the widespread use of tariffs in his next administration. This includes 60% tariffs on Chinese goods and 10% to 20% on all other imports. Many economists have warned that increased tariffs could mean higher costs for both businesses and consumers.

Yahoo Finance's Brooke DiPalma speaks with Tony Spring, Macy's (M) Chairman and CEO, at Yahoo Finance Invest about how tariffs could impact the way his company does business. Spring explains that most companies already made adjustments when tariffs were implemented during former President Donald Trump's last administration.

"We as retailers and as manufacturers have diversified our sourcing," he tells Yahoo Finance.

Spring says he "hoped" Macy's would not have to raise prices if more tariffs were put in place, but it's "too soon to say." Spring continues, saying of the potential tariffs, "If it's anything sizable or meaningful, then we'll have to evaluate it."

Catch the full interview by clicking here.

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This post was written by Cheyenne Reid.