Well, the next time you head out to the store and you notice that your bill is higher, you can thank President Donald Trump.
With the U.S. and China engaged in a tit-for-tat fight, consumers will suffer with soaring prices and job losses.
Walmart confirmed that prices for shoppers will rise because of higher tariffs on Chinese imports. Brett Biggs, the Walmart CFO, told Reuters that higher tariffs will lead to higher consumer prices. He noted that the retail juggernaut will attempt to ease the pain by trying to acquire products from other countries and work directly with suppliers to modify cost structures.
Analysts say that Walmart should be able to weather the economic storm because its overall food business contributes more than half (56 percent) of its overall revenue.
However, many of the company’s food suppliers, like Del Monte Foods, have begun to raise their prices on food imported from China. But for some of these companies, it’s more than just tariffs affecting their bottom line, including transportation and labor costs.
Consumers are always the victim in a trade war. Nobody wins.
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