On May 15, ABC News reported that the company has reported its quarterly numbers and, due to new tariffs put in place by the Trump administration, there has been a dip. In order to compensate, the retail corporation is expected to raise its prices.
Fans reacted to the news on social media.
"Just an excuse to raise prices. Tariffs haven't hit the market yet. lolololol Most tariffs have been lowered anyway," someone else said.
"I’m concerned that consumer is going to start seeing higher prices. You’ll begin to see that, likely towards the tail end of this month, and then certainly much more in June,” Walmart finance chief John David Rainey said in an interview with CNBC.
On May 12, a tariff truce — of sorts — between the U.S. and China was put into place. According to CBS News, the U.S. will lower its rate from 145% to 30% while China will reciprocate by reducing its 125% tariff to 10%. The truce might be temporary unless a deal is reached over the next 90 days.
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