Walmart will raise prices on some items later this month due to the impact of increased trade tariffs, implemented by Donald Trump's administration. During an earnings call on Thursday, the retail chain's CEO Doug McMillon said that “higher tariffs will result in higher prices,” according to CNN.
Walmart to raise prices, says Trump's tariffs are ‘too high’
“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.
Also Read: ‘WeAreTHD’: Home Depot copies Walmart and Target as it quietly removes DEI policy
Walmart's first-quarter earnings calls revealed a decline in profit, with net income falling to $4.45 billion as compared to $5.10 billion last year. The new prices would be implemented from the end of May to early June. In an interview with CNBC, Walmart finance chief John David Rainey expressed concerns that customers will see “higher prices.”
“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,” Rainey told the outlet, adding that the current tariff prices are “too high.”
{{/usCountry}}“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,” Rainey told the outlet, adding that the current tariff prices are “too high.”
{{/usCountry}}Also Read: Reps Blake Moore, Debbie Dingell caught sleeping during overnight House hearing. Watch viral videos
“There are certain items, certain categories of merchandise that we’re dependent upon to import from other countries,” Rainey told analysts during the call, adding, “Prices of those things are likely going to go up. And that’s not good for consumers.”