Walmart Raising Prices Because Of Tariffs
WALMART SAYS CHINESE TARIFFS WILL FORCE IT TO RAISE PRICES ON SOME OF THE ITEMS IT SELLS
Fort Smith, AR (KFSM) – America’s largest retailer says prices are going up.
Wal-Mart CFO Brett Biggs told reporters Thursday the company is planning to raise prices on items impacted by tariffs on Chinese goods.
He did not specify which items would see increases.
The Trump administration raised tariffs on $200 billion worth of Chinese-made goods last week.
That mostly impacted industrial materials, but things like luggage, hats and gloves were also affected.
According to a letter sent to president Trump by retail groups; China supplies 41% of apparel sold in the U.S. as well as 72% of all footwear and 84% of travel goods.
Wal-Mart imports 26% of the merchandise it sells from China.
That number is lower than many other retailers because more than half of its sales come from groceries, which mostly come from the u-s and other regions.
Biggs pledged Wal-Mart will do everything it can to keep prices low.