America’s largest retailer, Walmart announced today that they would be raising the prices on some products as a result of the Trump administration’s tariffs on Chinese goods, joining other large chain stores like Macy’s.
According to WSVN, Walmart’s Chief Financial Officer Brett Biggs told reporters that the company would continue to do everything they can to keep prices low. But “the increased tariffs will lead to increased prices.”
Biggs didn’t specify which items would see a price increase or by how much but he did tell reporters that Walmart’s merchant teams are actively developing strategies to mitigate the increases and are working with suppliers to help manage prices in a way that works for everyone.
Last week, Trump’s administration hiked tariffs on $200 Billion of the goods made in China. The tariffs hit industrial materials and component parts the hardest but will also affect luggage, hats, and gloves as well.
According to CNN, retailers depend heavily on China in their supply chain. China accounts for about 41% of all apparel, 72% of all footwear, and 84% of all travel goods imported into the United States in 2017, according to a report several retail trade groups sent to the Trump administration last week.
Trump’s trade war with China can potentially mean that US consumers can expect to see price increases on goods like toys, clothes, and sneakers.