President Donald Trump publicly fumed at Walmart on Saturday over a problem he started, ranting on social media after the retail giant announced impending higher prices as a result of the president’s steep international tariffs policy.
Walmart’s chief financial officer John David Rainey told CNBC in an interview published Thursday that Trump’s levies against China are “still too high,” even after the administration announced an agreement Monday to lower duties on Chinese imports from 145% to 30% for 90 days.
“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Rainey told the outlet. “It’s more than any supplier can absorb. And so I’m concerned that [the] consumer is going to start seeing higher prices.”
While the specifics remain unclear, he noted prices will be “certainly much more in June.”
CEO Douglas McMillon made similar remarks during a Thursday earnings call.
