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The World’s largest retailer, says it’s because of the tariffs, which it describes as “too high”.
The World’s largest retailer, says it’s because of the tariffs, which it describes as “too high”.
Higher prices coming
Ever since “Liberation Day”, we have been warned that the tariffs imposed by the Trump administration could lead to higher prices – and now they seem to be coming.
Impossible to avoid
According to CNN, CEO of Walmartm Doug McMillon, said Thursday, that the retailer will do it’s best to keep prices as low as possible, but the magnitude of the tariffs makes it impossible to avoid price raises.
Higher tariffs = higher prices
McMillon also said that the tariffs on China, even though they’ve been reducered earlier this week, makes it impossible for Walmart to absorb all the pressure. “The higher tariffs will result in higher prices”, the CEO warned.
Costa Rica, Peru and Colombia
Where Chinese-made products are predominantly electronics and toys, some foods will be more expensive too due to tariffs on Costa Rica, Colombia and Peru.
Will begin this month
The CEO did not say steep the price hike will be, but it will alegedly begin to happen later this month.
Still too high
Even though the 145 % tariff on China was lowered this week, the tariffs in effect are still “too high”, said Walmart finance chief, John David Rainey, in an interview med CNBC Thursday.