Walmart Inc said on Thursday that prices for shoppers will go up due to higher tariffs on goods from China as the world’s largest retailer reported its best comparable sales growth for the first quarter in nine years.
U.S. President Donald Trump increased tariffs on $200 billion worth of Chinese imports to 25% from 10% last week. The move is widely expected to raise prices on thousands of products including clothing, furniture and electronics. China retaliated on Monday, though on a smaller scale.
Walmart Chief Financial Officer Brett Biggs said in an interview that higher tariffs will result in increased prices for consumers. He said the company will seek to ease the pain, in part by trying to obtain products from different countries and working with suppliers’ “costs structures to manage higher tariffs.”
Walmart says Trump admin.'s higher tariffs on China goods will increase prices for US shoppers. https://t.co/aW2sDTwUAB
— NBC News (@NBCNews) May 16, 2019
Walmart says customers will pay more after Trump's tariffs https://t.co/TE2mPLqtV6
— Bloomberg (@business) May 16, 2019