Walmart stock slips as Trump takes aim at retail giant over tariff-fueled price hikes
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Walmart stock slips as Trump takes aim at retail giant over tariff-fueled price hikes
Shares of the retail giant fell around 2% in premarket trading on Monday. Trump’s weekend social media post urged the company not to increase its prices because of tariffs on Chinese imports. Walmart’s stock has been one of the market’s top performers of the past year amid strong sales and profits, rising 54% compared with a 6% advance for the Dow Jones Industrial Average. The Trump administration and China agreed to dial back tariffs for 90 days last week, down from 145% at the height of the trade tussle between the economic superpowers in late March and early April.. A person familiar with the discussions told Yahoo Finance that Walmart made a case to remove tariffs on China altogether, as even lower tariffs would have major implications.
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Walmart stock slips as Trump takes aim at retail giant over tariff-fueled price hikes
President Trump scolds Walmart for raising prices because of tariffs on Chinese imports. Walmart shares fell 2% in premarket trading on Monday. The retail giant has been one of the market’s top performers of the past year amid strong sales and profits. Walmart CEO Doug McMillon met with Trump in late April to discuss tariff implications, a person familiar with the discussions told Yahoo Finance. The US tariff rate on China currently sits at 30%, down from 145% at the height of the trade tussle between the economic superpowers.”We have always worked to keep our prices as low as possible, and we won’t stop,” a Walmart spokesperson said in an email to Yahoo Finance last week.. The most impacted areas for Walmart will include baby strollers, furniture, and toys. Price hikes in these departments could have major impacts on suppliers such as Newell Brands (NWL), reports Yahoo Finance’s Brooke DiPalma. Walmart’s quarterly earnings came in mixed on Thursday as shoppers spent somewhat cautiously, given the greater economic uncertainty.
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Source: https://finance.yahoo.com/news/walmart-stock-slips-as-trump-takes-aim-at-retail-giant-over-tariff-fueled-price-hikes-092926452.html