Walmart warns it will raise prices because of tariffs
CNN
Walmart, the world’s largest retailer, warned that is not immune from President Donald Trump’s tariffs. It plans to raise prices on some items as Trump’s global trade war sends the company’s costs higher.
Walmart, the world’s largest retailer, warned that is not immune from President Donald Trump’s tariffs. It plans to raise prices on some items as Trump’s global trade war sends the company’s costs higher. “We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” Walmart CEO Doug McMillon will tell analysts Thursday on an earnings call. Walmart sent out several prepared remarks from executives before the call. Walmart said the price hikes will begin later this month. “I’m concerned that consumer is going to start seeing higher prices. You’ll begin to see that, likely towards the tail end of this month, and then certainly much more in June,” Walmart finance chief John David Rainey said in an interview with CNBC Thursday. Many companies have been raising prices to mitigate cost increases from the 10% universal tariffs on every product entering the United States and higher levies on Chinese goods. Washington and Beijing reached an agreement to lower those tariffs this week, but the United States still charges a 30% levy on most goods coming from China. Tariffs have already made mattresses, toys, strollers and other products more expensive.
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