Robert Besser
21 May 2025, 20:59 GMT+10
WASHINGTON, D.C.: U.S. President Donald Trump said over the weekend that Walmart should "eat the tariffs" instead of blaming duties imposed by his administration on imported goods for the retailer's increased prices.
Trump was responding to Walmart's recent statement that it would raise prices later this month because of high tariffs on imported goods.
"Walmart should stop blaming tariffs for price hikes. They made billions last year—more than expected," Trump said on social media. "Walmart and China should cover the costs and not make customers pay more."
Walmart replied that it always tries to keep prices low and will continue to do so. "We'll keep prices down as much as possible, but our profit margins are small," Walmart said in a statement to Reuters.
Walmart CEO Doug McMillon said the company cannot fully absorb the added costs from tariffs due to its tight margins. However, he stated that they will ensure food prices don't increase due to tariffs on general merchandise, which primarily comes from China.
Many U.S. companies have lowered or withdrawn their financial forecasts due to trade tensions, particularly with China, as shoppers spend less.
Walmart's comments underscore the impact of the trade war on retailers. Walmart is known for its ability to manage costs effectively, which enables it to keep prices low. About 255 million consumers shop at Walmart every week, and 90 percent of Americans live within 10 miles of a store.
Walmart's warning came a few weeks after a report claimed Amazon was about to reveal how Trump's tariffs were raising its prices. The White House criticized Amazon over the report, which Amazon denied.
Get a daily dose of Iran Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iran Herald.
More InformationWASHINGTON, D.C.: U.S. President Donald Trump said over the weekend that Walmart should eat the tariffs instead of blaming duties imposed...
WASHINGTON, D.C.: The Trump administration is scrutinizing Apple's plans to partner with Chinese tech giant Alibaba to bring its artificial...
TOKYO, Japan: Nissan is reportedly considering shutting down two car assembly plants in Japan and several overseas factories, including...
NEW YORK, New York - U.S. stocks weakened across the board on Tuesday, led by the tech sector once more. I would say that the largest...
SAN FRANCISCO, California: Google One, Alphabet's subscription service that offers cloud storage and AI-powered features, has surpassed...
BEIJING, China: China's sales of heavy trucks could be dominated by electric vehicles by 2028, with battery-powered models potentially...
WASHINGTON, DC - A coalition of 29 U.S. senators, spanning both parties, introduced a resolution on Thursday calling on the Trump administration...
GAZA - Israel Air Force pilots have heavily bombarded Gaza this week, killing hundreds and severely wounding hundreds more. The...
DOHA, Qatar: Boeing secured its largest widebody aircraft deal this week, as Qatar Airways placed firm orders for 160 jets with options...
ABU DHABI, 21st May 2025 (WAM) -- Tareq Abdul Rahim Al Hosani, Chairman of Calidus Holding Group, emphasised that the most important...
ABU DHABI, 21st May, 2025 (WAM) -- ADNOC announced today that it has signed framework agreements valued at AED6 billion ($1.64 billion)...
ABU DHABI, 21st May 2025 (WAM) -- The UAE Media Council (UAEMC) today signed a contract with Presight - the UAE's leading global big...