Companies warn Trump trade war is about to hit consumers
By Niv Elis - 05/17/19 05:22 PM EDT
U.S. companies are speaking out against President Trump's escalating trade war with China, with major players such as Walmart saying tariffs are forcing them to raise prices on consumer goods for Americans.
The price hikes could complicate things for Trump as the 2020 campaign picks up. The president has repeatedly asserted that China, and not U.S. consumers, would pay the price of the trade war.
“There are some places where, as we get tariffs, we will take prices up,†Walmart Chief Financial Officer Brett Biggs said Thursday in an earnings call.
Macy’s CEO Jeff Gennette issued a similar warning, saying another round of tariffs would almost certainly hit consumers in their pocketbooks.
“When you do the math, it’s hard to find a path through that wouldn’t impact customers,†he told investors and analysts on Thursday. “It will affect a lot of apparel and accessories categories.â€
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https://thehill.com/policy/finance/trade/444352-companies-warn-trump-trade-war-about-to-hit-consumers