From PC Mag: Walmart is set to increase its prices by the end of the month due to the ongoing trade war, and there may be further increases coming in June.
“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,” Walmart CEO Doug McMillon said in an earnings call.
The US this week cut import fees from China for the next 90 days from 145% to 30% as the US and China continue to negotiate a long-term trade deal.
In an interview with CNBC, Walmart Chief Financial Officer John David Rainey said tariffs remain “too high” for its business to continue in the same way. “We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” he said.
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