President Trump's tariffs are just "too high," according to Walmart, which says it will raise prices, including on some food items, in response. Walmart CEO Doug McMillon said Thursday that tariffs on China are pushing up the costs of electronics and toys, while tariffs on Costa Rica, Peru, and Colombia are increasing the costs of some foods, reports CNBC. "The higher tariffs will result in higher prices," McMillon said on an earnings call, per CNN. "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."
Customers should expect price hikes beginning later this month, per CNN. "You'll begin to see that, likely towards the tail end of this month, and then certainly much more in June," Walmart CFO John David Rainey tells CNBC. He admits this is "not good for consumers," per Reuters, but stresses the US is dependent on certain imports, whose prices have climbed dramatically under Trump's tariffs. "The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history," he tells the Wall Street Journal. Though Walmart welcomed the recent deal to lower tariffs on Chinese imports from 145% to 30%, it said the remaining level is still "too high," per CNBC.
Such statements risk Trump's ire. The White House attacked Amazon's reported plan to show the added cost of tariffs on some items as a "hostile and political act," while Trump threatened a 100% tariff on Mattel's toys after the company announced it would raise prices in response to tariffs last week. Walmart appears confident in its position, however. Of the trade war, Rainey told analysts, "We are equipped to manage this as well or better than other retailers," per Investing.com. Walmart continues to expect annual sales to climb between 3% and 4% for the fiscal year ending in January, per Reuters. (More Walmart stories.)
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