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Walmart says tariffs will boost prices for U.S. shoppers

Credit: Reuters Studio
Published on May 16, 2019 - Duration: 01:27s

Walmart says tariffs will boost prices for U.S. shoppers

Shoppers in the U.S. will soon face higher prices at Walmart for goods imported from China.

As Fred Katayama reports, that's because President Donald Trump raised tariffs on $200 billion worth of Chinese goods last week.

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Walmart says tariffs will boost prices for U.S. shoppers

Those Everyday Low Prices you see at Walmart will soon be going up.

The world's largest retailer said Thursday American shoppers will face higher prices on products it imports from China.

That's because President Donald Trump raised tariffs on $200 billion worth of Chinese goods last week covering thousands of products.

And Trump has threatened more tariffs that would cover all Chinese imports.

Reuters retail correspondent Nandita Bose.

SOUNDBITE: REUTERS RETAIL CORRESPONDENT, NANDITA BOSE (ENGLISH) SAYING: "President Trump has repeatedly said that China is paying for these tariffs with Wal-Mart's comments this morning it is very clear that that is not the case that this is a tax on American consumers and tariffs are going to lead to price increases and American consumers and businesses are the ones who are going to bear the brunt of that." Walmart, America's largest importer, says it'll try to soften the blow by sourcing products from other countries and working with its suppliers to contain costs.

But with groceries accounting for more than half of overall revenue, one analyst says the impact of the tariffs will be limited.

Walmart's got company.

On Wednesday, department store operator Macy's said the latest tariffs are denting its furniture business.

And if the U.S. extends additional duties to all Chinese imports, sales of its clothing and accessories will get hurt as well.

Walmart made these remarks as it unveiled its earnings results.

Quarterly sales at existing stores rose 3.4 percent, beating analysts' estimates.

--------------- Those Everyday Low Prices you see at Walmart will soon become less low.

The world's largest retailer said Thursday American shoppers will face higher prices on products it imports from China.

That's because President Donald Trump raised tariffs on $200 billion worth of Chinese goods last week.

That will affect thousands of products including many items that Walmart carries, such as clothing, furniture and electronics.

And Trump has threatened more tariffs that would cover all Chinese imports.

Walmart says it'll try to soften the blow by sourcing products from other countries and working with its suppliers to contain costs.

Walmart is America's largest importer.

But Reuters retail correspondent, Nandita Bose says the potential impact of tariffs is limited.

SOUNDBITE: REUTERS RETAIL CORRESPONDENT, NANDITA BOSE (ENGLISH) SAYING: "XXX." Walmart's got company.

On Wednesday, department store operator Macy's said the latest tariffs are denting its furniture business.

And if the U.S. extends additional duties to all Chinese imports, sales of its clothing and accessories will get hurt as well.

Jenny, if you want to include a line on Walmart's results, here it is: Walmart made these remarks as it unveiled its earnings results.

Quarterly sales at existing stores rose 3.4 percent, beating analysts' estimates.

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