Walmart and other big companies say tariffs are forcing them to hike prices
CBSN
Some of the biggest U.S. companies say they are passing tariff-related costs on to consumers, with Walmart this week attributing a jump in prices for certain goods sold by the retailer to higher import duties. Edited by Alain Sherter In:
Some of the biggest U.S. companies say they are passing tariff-related costs on to consumers, with Walmart this week attributing a jump in prices for certain goods sold by the retailer to higher import duties.
In a fourth-quarter earnings call on Thursday, Walmart said that inflation for general merchandise — or the prices it charges consumers for products like electronics and appliances — rose more than 3%, up from 1.7% between July and September. Most of those products are imported from overseas and are subject to Mr. Trump's tariffs.
"[T]ariff-related costs lifted prices across many categories," Walmart Chief Financial Officer John David Rainey told analysts.
Other companies have also recently pointed to Mr. Trump's tariffs as one factor driving up prices. Columbia Sportswear executives said in an earnings call earlier this month that the outdoor clothing retailer plans to raise its prices for spring and fall merchandise by a "high single-digit percent."
The company also noted it has taken other steps to mitigate the impact of tariffs, including negotiating lower manufacturing costs with its factories and shifting overseas production to countries facing lower U.S. tariffs.
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