Walmart says Chinese tariffs will force it to raise prices

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(WFLA/KFSM) – America’s largest retailer says prices are going up.

Walmart CFO Brett Biggs told reporters Thursday the company is planning to raise prices on items impacted by tariffs on Chinese goods.

He did not specify which items would see increases.

The Trump administration raised tariffs on $200 billion worth of Chinese-made goods last week.

That mostly impacted industrial materials, but things like luggage, hats and gloves are also affected.

According to a letter sent to President Trump by retail groups, China supplies 41 percent of apparel sold in the US, as well as 72 percent of all footwear and 84 percent of travel goods.

Walmart imports 26 percent of the merchandise it sells from China. That number is lower than many other retailers, because more than half of its sales come from groceries, which mostly come from the US and other regions.

Biggs pledged Walmart will do everything it can to keep prices low.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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