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Walmart, Macy's warn higher tariffs mean higher prices

[WALMART]
By Gary Dinges gdinges@gatehousemedia.com
Posted: May. 16, 2019 2:48 pm Updated: May. 16, 2019 2:52 pm

Two of the nation's largest retailers say higher tariffs will result in consumers paying higher prices for a variety of merchandise.

Executives with Macy's and Walmart both warned that the escalating battle between the U.S. and China over tariffs would likely hit folks in their pocketbooks.

President Donald Trump has already slapped a 25% tariff on a number of commonly purchased items, The Associated Press reports, including furniture. He'd like to implement a similar tariff on just about everything imported from China, including clothing and toys.  

In total, AP says more than $500 billion in Chinese products could have the new, higher tariffs.

"We're monitoring the tariff discussions and are hopeful that an agreement can be reached," Walmart Chief Financial Officer Brett Biggs said in a conference call with reporters this week. "Increased tariffs will lead to increased prices for our customers."

Neither Macy's nor Walmart would say just how much prices are expected to rise if the tariffs stick around.

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