The world’s biggest retailer’s plans coincide with recent White House decisions that have resulted in new import levies of at least 10% on the majority of items from across the world and at least 30% on goods from China.
Chief executive Doug McMillon gave investors an update on the company’s performance Thursday, expressing gratitude that the Trump administration had temporarily halted plans for more punitive tariffs.
However, he stated that in order to offset the additional expenses, his company would probably still hike pricing.
“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 ,” he stated.
