Trump Lashes Out at Walmart Over Potential Price Hikes
(MENAFN) The U.S. President took to his social media platform on Saturday to criticize retail giant Walmart for indicating potential price increases due to rising tariffs. He urged the company to "eat the tariffs" instead of passing the costs onto consumers.
"Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain," he asserted on Truth Social, noting, "Walmart made BILLIONS OF DOLLARS last year, far more than expected." He specifically directed the largest U.S. retailer to "EAT THE TARIFFS" and maintain current price levels, stating, "I'll be watching, and so will your customers."
Walmart, known for its affordable merchandise and extensive network of over 4,000 stores, had its chief executive, Doug McMillon, acknowledge on Thursday that the recently implemented tariffs would likely lead to price increases. "We will do our best to keep our prices as low as possible," McMillon stated, while also cautioning that the company would not be able to "absorb all the pressure" from the tariffs.
Responding to the President's post, Walmart spokeswoman Molly Blakeman affirmed, "We have always worked to keep our prices as low as possible and we won't stop. We'll keep prices as low as we can for as long as we can given the reality of small retail margins." The company's chief financial officer, John David Rainey, previously noted that approximately one-third of Walmart's merchandise originates from overseas.
Walmart is not alone in anticipating price adjustments. Retailers such as Target and Best Buy have also issued warnings about potential price increases stemming from the higher tariffs.
According to a report by Wells Fargo economists, the core Consumer Price Index has risen by 2.8% over the last year and at an annualized rate of 2.1% in the past three months, which "marks a continuation of a slow but steady trend toward lower inflation in the United States."
"However, higher tariffs threaten to derail this trend," they noted, adding, "Our expectation is that prices for goods including vehicles and apparel will rise in the coming months."
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
