“We’re wired for ‘Everyday Low Prices,’ but the magnitude of these increases is more than any retailer can absorb,” Rainey told CNBC. “It’s more than any supplier can absorb. And so I’m concerned that the 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.”
Rainey said that it wouldn’t be easy to adapt to changes in demand sparked by fluctuations in pricing.
He promised the company would “keep prices as low as we can, for as long as we can.”
CNBC reported that Walmart is not giving guidance for second-quarter operating income due to the wide range that it would have to give, because it uses a cost-to-sales price ratio that would be nearly impossible to predict. The company still held its annual operating income predictions. Rainey did warn that there could be “sharper swings in margins and earnings” as a result of quickly changing prices.
Treasury Secretary Scott Bessent announced Monday that U.S. tariffs on China would temporarily decrease from 145 percent to 30 percent for the next 90 days. On the flip side, China said it would lower its import tariff on American products to 10 percent from 125 percent. While the announcement caused investors to breathe a sigh of relief, market experts were wary that the agreement was not an actual deal—and the agreed rate was far lower than the ones Trump had been spouting for weeks.
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