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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.
There is a price to pay to keep Americans working and the work available has to be more than just fast food and service work. Raise your prices and back American products like the founder of Walmart did. China cannot be allowed to take over this country.
Most of Walmart’s products now come from China. I’m not sure about when the company first started. That’s why their prices are going up currently. If you really want to support the local economy then you would NOT be buying from big chain stores such as Walmart, instead you’d be buying from local mom & pop stores. Their products are majority local and they hire local. Unless it’s a specialty store.