Walmart prices could be increasing soon.
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.
"We will do our best to keep our prices as low as possible," Walmart's CEO Doug McMillon told industry analysts, per ABC News. "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."
Fans reacted to the news on social media.
"Pretty much inevitable. Even the much-touted China trade deal still retains tariffs on a number of goods, and the damage that has been done already by freezing shipping traffic will take some time to correct and restart. 10-30% tariffs are still a huge deal," one person wrote on X.
"Just an excuse to raise prices. Tariffs haven't hit the market yet. lolololol Most tariffs have been lowered anyway," someone else said.
ABC News specifically noted an increase on electronics and toys, as many of those items are made overseas. An increase in prices at various stores has been a concern for many as tariffs were put in place and companies adjust to a new normal.
"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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