Walmart Says Tariffs Will Drive Up Prices but Avoid Panic-Buying. Do This Instead

Alexander Farnsworth/Getty Images Walmart is the latest retailer to say we should prepare for higher prices as President Donald Trump's tariff effects begin to take its toll. The retail giant's CEO, Doug McMillon, said on last week's earnings call that the store would be raising prices on food, electronics and toys within weeks, citing tariffs as the culprit. Early this month, President Trump made a temporary 90-day truce with China to lower its 145% tariff rate to 30% on goods and products sent to the US. Walmart, the largest importer of container goods in the US, is still impacted by the lower tariff rates as 60% of its imports come from China. McMillon also noted that tariffs on countries like Colombia, Costa Rica and Peru will add price pressures on food imports, including avocados, bananas and coffee. Walmart responded to a request for comment from CNET with a summary of its first-quarter earnings report. "We are focused on the long-term. What history tells us is that when we ... Read full article.