If there was any thought that the Trump administration's 90-day pullback of China tariffs might keep retail prices stable, leaders of the country's largest retailer dismissed that notion on Thursday.
"We will do our best to keep our prices as low as possible," Walmart CEO Doug McMillon said in a statement alongside the retailer's quarterly earnings. "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 margins."
"[E]ven at the reduced levels, the higher tariffs will result in higher prices," McMillon added.
Walmart Chief Financial Officer John Rainey echoed the same sentiment in an interview with CNBC, saying that customers will start noticing price increases later this month and into June.
