In its effort to fight the recent $200 billion in tariffs imposed by the Trump administration, Walmart raised concerns with the U.S. Trade Representative about the potential economic impact tariffs could have on retailers, suppliers and consumers.
According to a report from CNN, the letter from Walmart said of the tariffs, “The immediate impact will be to raise prices on consumers and tax American businesses and manufacturers.”
Other retailers, including Target, also spoke out against tariffs, saying they will “hurt American consumers.”
According to the HomeWorld Business 2018 Top-100 Housewares Retail Report, Walmart at $21.2 billion and Target at $7.8 billion, were the first and third largest resellers of housewares in the United States in 2017.
The latest round of tariffs touches a host of housewares categories and product suppliers throughout the industry have expressed concerns about how they will handle the rise in prices. In addition, suppliers are also concerned about the overall impact the potential price increases across a host of product segments beyond housewares will have on consumer spending.
The recently implemented tariffs include an initial surcharge of 10% that will be implemented later in September and that figure will increase to 25% by the end of 2018.