LOS ANGELES - Prices are about to climb at America's biggest retailer in response to the recent increase in tariffs on Chinese goods put in place by the Trump administration, Walmart's CFO told press on Thursday.
Brett Biggs, chief financial officer of Walmart, did not specify which products would be sold at a higher price point, but he did assure consumers that Walmart's merchant teams have been working alongside its suppliers to keep costs as low as possible.
Last week, President Donald Trump raised tariffs on $200 billion in Chinese goods from 10 percent to 25 percent. These goods range from industrial materials to makeup to luggage.
“We’re going to continue to do everything we can to keep prices low. That’s who we are. However, increased tariffs will lead to increased prices, we believe, for our customers,” Biggs told reporters.
Walmart isn't the only major retailer to warn that increased tariffs will mean increased prices for consumers.
Macy's CEO Jeff Gennette pointed out the inevitability in a statement Wednesday, “When you do the math, it’s hard to find a path through that wouldn’t impact customers.”