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Walmart, America's largest retailer, said Thursday it WILL raise prices on some products as a result of the Trump administration's tariffs on Chinese goods.
"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." Walmart chief financial officer Brett Biggs told reporters on a call after the retailer reported earnings for the first quarter of 2019.
Biggs did not say which items will become more expensive at Walmart. He noted, however, that Walmart's merchant teams have been developing strategies to mitigate cost increases and working with its suppliers to manage prices.
Retailers depend heavily on China in their supply chain. China accounted for about 41% of all apparel, 72% of all footwear, and 84% of all travel goods imported into the United States in 2017, according to a letter several retail trade groups sent to the Trump administration last week.
Other retailers have also recently warned that tariffs will hit their businesses.
On Wednesday, Macy's said it will raise prices on some merchandise because of the trade war with China.
https://www.cnn.com/2019/05/16/busin...ina/index.html
Reply With QuoteOriginally Posted by guno
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