Walmart says it will raise prices if tariffs increase

https://www.businessinsider.com/walmart-will-raise-prices-tariffs-increase-2019-5

  • Walmart CFO Brett Biggs said Thursday that prices at its stores will increase if more tariffs are imposed.
  • The US-China trade war reached new levels over the past week after both sides imposed fresh tariffs on billions of dollars’ worth of each other’s goods. Now, Trump is threatening to impose tariffs on a further $300 billion worth of Chinese goods.
  • “Increased tariffs will lead to increased prices, we believe, for our customers,” Biggs said.
  • Visit Business Insider’s homepage for more stories.

Walmart customers beware, prices could be on the rise.

Walmart CFO Brett Biggs said Thursday that the company will raise prices if new tariffs come into play.

“Increased tariffs will lead to increased prices, we believe, for our customers,” Biggs said in a call with reporters.

Walmart US CEO Greg Foran said the company would work with suppliers to keep prices down.

“We’ll maintain price leadership in the marketplace,” he said. “We’re working closely with domestic and international suppliers… to reduce costs.”

The US-China trade war escalated this past week after both sides imposed fresh tariffs on billions of dollars’ worth of each other’s goods. Now, the Trump administration is threatening to impose tariffs on a further $300 billion worth of Chinese goods, which include everything from phones to clothing and furniture and would put Walmart directly in the firing line.

Lees ook op Business Insider

Read more: Beijing calls for a ‘people’s war’ against the US as Trump threatens tariffs against another $300 billion of Chinese goods in all-out trade battle

This isn’t the first time Walmart has spoken out against tariffs. Last October, it sent a letter to the US Trade Representative, urging it to reconsider tariffs imposed on $200 billion worth of Chinese goods and warned that these tariffs would likely result in it having to raise prices for the consumer.

“As the largest retailer in the United States and a major buyer of U.S. manufactured goods, we are very concerned about the impacts these tariffs would have on our business, our customers, our suppliers and the U.S. economy as a whole,” Walmart wrote, according to Reuters.


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