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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWalmart says tariffs 'will increase prices' for shoppers (Macy's store closings)
"As we have said before, our goal is to be the low-price leader," Walmart CFO Brett Biggs said Thursday, as the company reported first-quarter earnings. "We want to manage margins with customers and shareholders in mind. We have mitigation strategies that have been in place for months. But increased tariffs will increase prices for customers."
That's after the Trump administration raised tariffs to 25% from 10% on $200 billion worth of Chinese goods last week. But retailers, for the most part, scooted by unscathed, with many of the items impacted by that hike hurting agricultural workers more than anything else. Some consumer-related goods on that list included furniture and handbags.
The company sources about two-thirds of its good domestically, largely because of its massive food business. The remaining one-third of items comes from overseas, including from China.
Macy's CEO Jeff Gennette had similar remarks on Wednesday. He said it would be hard for Macy's to get to a place "where you don't have a customer impact" if the additional tariffs go into effect.
Another analyst has warned the tariff hike could cause "widespread" store closures.
https://www.cnbc.com/2019/05/16/walmart-says-tariffs-will-increase-prices-for-shoppers.html
Iliyah
(25,111 posts)But alas, the economy is booming.
The middle class and poor to suffer more while the 1-2%ers live in luxury.
dewsgirl
(14,961 posts)confusing Macy's with another store. I know a bunch of Sears are closing.
UniteFightBack
(8,231 posts)to stores for 'fashion'....perish the thought.
dewsgirl
(14,961 posts)Recursion
(56,582 posts)Sears and Kmart are actively trying to stop doing business (which turns out to be harder than it sounds, legally)
dewsgirl
(14,961 posts)Bday, he was hired at Sears. I told him they would be closing, he just says they have been saying that. I guess if anything, he will get some experience.
Recursion
(56,582 posts)They have leases they can't get out of so even some of the stores that are directly losing money will stay open a few more years -- more than enough for a high school summer job.
dewsgirl
(14,961 posts)katmondoo
(6,454 posts)New Dollar stores everywhere I drive in Gainesville, FL
underpants
(182,631 posts)I have to say those things have a really wide variety of products. I heard a report a month or so ago that even Dollar General stores are closing and many have already run the previous store options out so towns could be stuck with next to nothing.
UniteFightBack
(8,231 posts)only care about their damn selves.
Historic NY
(37,449 posts)Sherman A1
(38,958 posts)A hidden tax on consumers.
Recursion
(56,582 posts)It boggles the mind.
LastDemocratInSC
(3,646 posts)In earlier times the Federal government was funded primarily by tariffs on imports. The impact of tariffs became less obvious when income taxes were started but tariffs have always been in the mix of how the public funds the government.
malaise
(268,717 posts)Fugg ém!
Takket
(21,529 posts)If you walk in a store and a Barbie doll is $16.99 but last week it was $15.99, you wont even know unless you looked at it last week.
I think any tariff should be called out on shelf tags for what you are paying
$15.99 + $1.00 tariff tax = $16.99 Your Cost!
Something like that.