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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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Analysis

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Walmart will “eat some of the tariffs”, as affirmed by Treasury Secretary Scott Bessent after his conversation with CEO Doug McMillon; however, the company still anticipates needing to raise prices due to the overwhelming pressure from tariffs.

Despite the agreement to absorb some costs, Walmart has indicated that price increases for consumers are unavoidable, particularly due to the substantial tariffs imposed on international trade, which they cannot fully absorb.

Trump's insistence that Walmart should bear the full cost of tariffs reflects his ongoing pressure on corporations to prioritize customer affordability, even as the retail giant recalibrates its pricing strategy amidst chaotic market conditions.

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History

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    15 articles
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