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| Walmart says higher prices could hit this month due to tariffs | |
| (about 1 hour later) | |
| Walmart is preparing to raise prices in the US as soon as this month, as its own costs increase as a result of the new tariffs on imports imposed by President Donald Trump. | Walmart is preparing to raise prices in the US as soon as this month, as its own costs increase as a result of the new tariffs on imports imposed by President Donald Trump. |
| The plans by the world's largest retailer come as White House announcements in recent weeks have resulted in most goods from around the world facing new import taxes of at least 10%, with products from China facing higher duties of at least 30%. | The plans by the world's largest retailer come as White House announcements in recent weeks have resulted in most goods from around the world facing new import taxes of at least 10%, with products from China facing higher duties of at least 30%. |
| Reporting to investors on the firm's performance on Thursday, chief executive Doug McMillon said he was grateful that the Trump administration had, for now, suspended plans for more aggressive levies. | Reporting to investors on the firm's performance on Thursday, chief executive Doug McMillon said he was grateful that the Trump administration had, for now, suspended plans for more aggressive levies. |
| But he said that his firm was still likely to raise prices to cover the new costs. | But he said that his firm was still likely to raise prices to cover the new costs. |
| "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," he said. | "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," he said. |
| More than two-thirds of what Walmart sells in the US is made, assembled or grown in the country, the company said. | |
| But China is the dominant supplier in key categories, such as toys and electronics. | |
| Executives also warned that tariffs on countries that have received less attention such as Costa Rica, Colombia and Peru were putting price pressure on staples such as bananas, avocados, coffee and roses. | |
| In interviews with US business outlets on Thursday, chief financial officer John David Rainey said shoppers could see higher prices in stores as soon as this month and definitely in June. | |
| Executives said they were in a strong position to rapidly adjust what they are buying if shoppers start to baulk at higher prices. | |
| The company also said it could not offer guidance to investors about its sales and profit expectations over the next three months, as it would ordinarily do, because of the "dynamic nature" of the situation. | |
| But over the full year, executives said they were still pushing to meet their original goals, including plans to increase profits faster than sales. |