Wal-Mart To Raise Prices Due To Trump Administration Import Taxes
CNN Business reports that America’s largest retailer, Walmart, is expecting higher prices on some products due to the latest tariffs on goods from China, enacted by the Trump Administration.
Additionally, the superstore’s Chief Financial Officer Brett Biggs tells reporters, “We’re going to continue to do everything we can to keep prices low. That’s who we are. However, increased tariffs will lead to increased prices, we believe, for our customers.”
While Walmart imports 26% of its merchandise from China, Target may also see an increase, as they import 34%. Also, Biggs adds that the store’s merchant teams will continue to develop strategies to keep costs low.
Furthermore, Trump’s administration raised tariffs on $200 billion of Chinese-made goods last week. Learn more here.