United States retail giant Walmart has said that a tariff on Chinese-imported goods would mean higher prices for their customers.
The warning comes after Walmart reported its best sales numbers in 9 years and 19 quarters of same-store gains.
CFO Brett Biggs said that “we’re monitoring tariff discussions and are hopeful that an agreement can be reached,”
He warned reporters that “Increased tariffs will lead to increased prices for our customers.”
However, Walmart did not reveal what kind of price increases could be expected and what types of products will be most affected. Other large US retail chains, like Macy’s, have also expressed concern over a 4th round of tariffs against Chinese imports.
The first rounds of tariffs have no had a major effect on retailers as they focused mainly on industrial and agricultural imports. Now with imports like furniture carrying a 25% tariff, everyday Americans are going to start feeling the effects of Trump’s trade war with China.
These looming added costs make it even more difficult for brick and mortar retailers to compete with online sites like Amazon, where both organisations are competition to be the fastest at delivering goods.
Kevin has been contributing to multiple news websites since 2015. He started his blog back in 2016 tackling technology and business tips. His passion towards journalism and sharing relevant information with global readers pushed his to take journalism major at Boston University. He is now a full-time contributor to Kev’s Best.