Walmart CFO says some prices might rise if Trump's tariffs take effect
A Walmart executive warned that President-elect Trump’s plans to raise tariffs on imports could drive the retail giant to increase the price of store items.
“We never want to raise prices,” John David Rainey, the company’s CFO said in an interview with CNBC on Tuesday. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.”
Trump has proposed a 10 percent to 20 percent tariff on all imported goods, and a tariff of at least 60 percent on Chinese imports. Republicans generally have backed him on the economic front, agreeing that the U.S. should “reset its economic relationship with China.”
The company has reported that two-thirds of merchandise sold in Walmart U.S. and 93 percent of merchandise sold in Walmart Mexico is "made, grown or assembled domestically." This stemmed from a 2021 commitment to $350 billion effort to invest in home-grown products.
Rainey said he thinks Walmart will work to avoid taking a hit from Trump’s proposed policies.
“We’ve been living under a tariff environment for seven years, so we’re pretty familiar with that,” he told CNBC. “Tariffs, though, are inflationary for customers, so we want to work with suppliers and with our own private brand assortment to try to bring down prices.”
Topics
-
Walmart may have to raise some prices if Trump tariffs take effect, CFO says
Business - CNBC - 6 hours ago -
Walmart will likely raise some prices if Trump tariffs take effect, CFO says
Top stories - NBC News - 8 hours ago -
Trump's proposed tariffs would raise prices for these products, experts say
Top stories - ABC News - Yesterday -
How to Attract Holiday Shoppers? Target and Walmart Say: Price Cuts and Throwbacks
Business - Inc. - October 23 -
Markets look past Trump tariffs, but they could be ‘life or death’ for some companies
Business - MarketWatch - November 6 -
Why Trump's tariff proposals have some business owners worried
Top stories - CBS News - 3 days ago -
Businesses Ready Price Hikes on Imports to Offset Trump Tariff Costs
Business - Inc. - October 31 -
Trump's proposed tariffs could raise prices for consumers and slow spending
Business - CNBC - November 6
More from The Hill
-
Italian village offers 1 euro homes to Americans wanting to relocate after election
Politics - The Hill - 22 minutes ago -
Los Angeles passes ‘sanctuary city’ ordinance after Trump vows mass deportation
Politics - The Hill - 24 minutes ago -
FEMA chief testifies over agency skipping Trump homes
Politics - The Hill - 37 minutes ago -
Trump taps Lutnick
Politics - The Hill - 58 minutes ago -
Sharpton blasts Trump for lack of Black Cabinet members
Politics - The Hill - 1 hour ago