Wal-Mart Says It's Raising Prices Because of Trump's Tariffs

[Nevilledog]

https://www.rollingstone.com/politics/politics-news/walmart-raising-prices-trump-tariffs-1235340056/

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https://archive.li/hZs1t

Walmart, the largest retailer in the nation, has announced it is raising prices because of President Donald Trump’s tariffs.

The retail giant said on Thursday that it may absorb some of the import taxes, but it is still raising prices to offset increased costs resulting from Trump’s ill-advised trade war.

“The tariffs will result in higher prices,” CEO Doug McMillon said bluntly on an earnings call.

“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,” McMillon said.

The announcement comes days after the Trump administration announced that it would be lowering its tariff rate against China from 145 percent to 30 percent — an improvement no doubt but still a major tax on common consumer goods. China — and, because of retaliatory tariffs, the United States — has been hit the hardest by Trump’s trade war, and the president still has tariffs in place on several other nations, despite pausing the initial far-steeper import taxes he announced in early April. Trump has simultaneously warned that Americans might have to cut back on certain goods as prices rise, while claiming the tariffs will make everyone richer than they could ever imagine.

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