Walmart to Raise Prices Within Weeks
By Marni Rose McFall
Walmart has warned that it plans to raise prices on some products in the wake of Donald Trump's tariffs.
"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 will say on an earnings call with analysts Thursday, according to prepared remarks reported by CNN.
Newsweek has contacted Walmart for comment outside of regular working hours.
Walmart
Walmart is set to raise prices on some products in the wake of President Donald Trump's tariffs. Matt Rourke/AP
What To Know
Trump announced his sweeping tariff agenda on U.S. trading partners around the world on April 2, on what he called "liberation day." The White House said the wide-reaching levies had been introduced to tackle "large and persistent annual U.S. goods trade deficits."
Numerous companies have raised their prices to mitigate cost increases as a result of universal 10 percent tariffs on products entering the U.S.
Last week, the Federal Reserve said that tariffs had led to an increase of 0.3 percent in prices this year.
Two-thirds of Walmart's products are sourced in the U.S., with groceries accounting for around 60 percent of Walmart's U.S. business.
Walmart is the largest retailer in the world, with nearly 95 percent of Americans visiting a Walmart store at least twice a year, according to AiTechtonic.
How Has Walmart Addressed Tariffs So Far?
Following Trump's tariff announcement in April, Walmart vowed to keep its prices low.
The retailer said it was well equipped for the challenge. "History tells us that when we lean into these periods of uncertainty, Walmart emerges on the other side with greater share and a stronger business," Walmart CFO John David Rainey said.
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McMillion also told investors in a statement in April: "We've learned how to manage through turbulent periods."
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