Donald Trump responded harshly to Walmart after the retailer warned that the president’s tariffs will raise costs in-store.
Walmart purchases goods from countries like Canada, China, India, Mexico, and Vietnam, all of which are subject to tariffs of at least 10%.
As Trump announced a temporary truce with China, the 47th president even lowered duties on the majority of Chinese imports from a startling 145 percent to 30 percent for a 90-day period.
However, Trump has warned that’substantially greater’ tariffs may be imposed later if a new trade deal with China is not negotiated.
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In light of Trump’s tariffs, Walmart CEO Douglas McMillon made a suggestion earlier this week that future price increases may be forthcoming for all of the company’s products.
“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,” the chief executive said in an earnings call on Thursday (May 15).
Walmart should cease ‘trying to blame tariffs’ for the price increases, the president said in response to these remarks on Saturday.
Trump wrote on Truth Social: “Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING.”
“I’ll be watching, and so will your customers!!!”
Before Trump’s new tariffs go into effect, billionaire Mark Cuban has already urged people to “go to Walmart.”
Cuban urged people to visit ‘the local Walmart or big box retailer’ as soon as possible in a post on the social media site Bluesky.
The billionaire said, “It’s not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now. From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory.”
Cuban went on to claim that companies could potentially use the tariffs as an excuse to increase prices, saying, “Even if it’s made in the USA , they will jack up the price and blame it on tariffs.”
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