NEW YORK, May 15 (Xinhua) -- Walmart, the world's largest retailer, said President Donald Trump's tariffs are "too high" and it will raise prices on some items as Trump's global trade war increases the company's costs.
"We will do our best to keep our prices as low as possible. 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," Walmart CEO Doug McMillon said on Thursday on an earnings call.
"Like many other U.S. companies, however, it did not issue a profit outlook for the quarter because of the chaotic environment, with stated U.S. tariff policies changing constantly. The company maintained its full-year guidance issued in February," noted The Associated Press in its report about the development.
Many Americans have pulled back on spending as they grow uneasy about the economy. Government data revealed slowing sales growth for retailers on Thursday. Walmart said that its consumers remain cautious and selective. Trump's tariffs on China and other countries threaten the low-price model that is at the core of Walmart's success, added the report.
