Walmart, the largest retail chain in the world, reported on Thursday that it will have to raise some of its prices as a result of the increase in tariffs imposed by the president of the United States, Donald Trump, on numerous products from China.
“As we look at the discussions on tariffs with confidence that an agreement will be reached, we will continue to do everything possible to keep prices down,” Walmart Chief Financial Officer Brett Biggs said in a teleconference with journalists.
The Walmart executive said that his company has “strategies to mitigate the impact” of the increase in tariffs on products imported from China and that they have been applying them for months, but that the increase in tariffs “will lead to price increases”.
Biggs also presented the company’s results in the first quarter of its fiscal year, with figures showing the best level of sales in nine years, after 19 consecutive quarters of increases.
Walmart, with worldwide revenues of more than 500,000 million dollars, obtains almost two-thirds of the products it sells in the United States and 56 per cent of its sales correspond to foodstuffs produced in the country or imported from Latin America.