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Treasury Secretary Claims Walmart Will Absorb Some Tariff Costs Amid Trump's Criticism

Walmart CEO Doug McMillon reveals rising costs due to tariffs; Trump insists the company should not pass costs to consumers.

Overview

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In response to Walmart's warning of price hikes due to tariffs, President Trump criticized the retailer, insisting it should absorb the costs. Walmart's CEO Doug McMillon noted pressures on prices, indicating that some increases began appearing in late April. Treasury Secretary Scott Bessent, however, downplayed inflation risks during interviews, claiming Walmart's warnings were a 'worst case scenario' and confirmed he had spoken with McMillon about the situation. Bessent stated Walmart would absorb some tariffs, though consumers might still face price increases as the company strives to keep prices low amid challenging retail margins.

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The U.S. has lowered the tariff rate on Chinese imports from 145% to 30% for 90 days. Despite this reduction, Walmart plans to raise prices due to the remaining cost pressures from tariffs, as their retail margins are too narrow to absorb all the costs fully.

President Trump believes Walmart should absorb the tariff costs because he claims the company made significant profits and should not pass these costs to consumers. He also argues that his economic policies will lead to more domestic jobs in manufacturing.

Treasury Secretary Scott Bessent views Walmart's warnings as a 'worst case scenario' and believes that Walmart will absorb some of the tariff costs, though consumers might still see price increases due to the company's efforts to maintain low prices.

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