Fox News co-host Jessica Tarlov was openly critical last week when reacting to news that Walmart will raise prices because of President Donald Trump's tariffs. "It's going to get worse before it gets better (if it does). A completely man-made crisis," she posted on X on Thursday.
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Retail Giants Warn of Price Hikes, Supply Problems
Top executives from Walmart WMT, Target TGT and Home Depot HD met with Trump in April and issued a direct warning: his tariffs could result in higher prices and even empty shelves. "Shelves will be empty," one executive reportedly told him. They explained that while prices hadn't yet spiked, they soon would if tariffs remained in place.
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After facing growing pressure, the U.S. and China struck a temporary deal to ease tariffs for 90 days starting on May 12. Still, the damage was already being felt. "We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margin," Walmart CEO Doug McMillon said during an earnings call on May 15.
He added that the increases will hit imported goods hardest—items like electronics, toys and seasonal back-to-school supplies. Some food products like bananas, avocados and coffee may also get more expensive.
Retailers Brace For Impact
Walmart declined to provide profit guidance for the next quarter, citing uncertainty around the tariffs. However, it kept its full-year forecast intact, expecting 3.5% to 4.5% annual sales growth.
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Walmart’s warnings have ripple effects across the retail sector. The company is often seen as a bellwether, and its decision to raise prices suggests that competitors may soon follow. "If Walmart is raising prices, it certainly means that other retailers are going to be raising prices as well," Justin McAuliffe, a research analyst at Gabelli Funds, told Axios.
Economists warn that the tariffs’ full impact hasn’t been felt yet. April inflation remained steady, but U.S. GDP shrank by 0.3% in the first quarter—the first decline in three years. Consumer sentiment also dropped to 50.8, the lowest since June 2020.
Federal Reserve Chair Jerome Powell addressed the broader concerns, noting on Thursday that the economy may face "more frequent, and potentially more persistent, supply shocks" due to shifting trade policies.
For now, Walmart says it will try to shield food prices from further hikes. "Food prices in the US have gone up in recent years and our customers have been feeling that all along," McMillon said during the earnings call. "We won’t let tariff-related cost pressure on some general merchandise items put pressure on food prices."
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