Walmart, the biggest US retailer, warned the Trump administration the newest round of tariffs on imported Chinese goods could prompt it to raise prices on products from shampoo to bicycles to food.
Money reports that Walmart sent a letter to Trade Representative Robert Lighthizer, saying the tariffs would hurt its customers, its suppliers and the USA economy.
This comes after President Trump announced another round of tariffs on Monday, targeting about $200 billion worth of Chinese goods. That penalty will rise to 25 percent beginning January 1. China plans to retaliate on the US's US$200 billion tariff round by slapping levies on US$60 billion of American goods.
Walmart said the tariff would impact prices of everything from food products to beverages and personal care items. "As a result, either consumers will pay more, suppliers will receive less, retail margins will be lower, or consumers will buy fewer products or forego purchases altogether".
In a letter to Robert Lighthizer, the United States trade representative, Walmart predicted that the immediate impact of the measures would be higher prices for consumers and higher taxes for businesses across America. But most don't support Mr. Trump's tariffs as a way to prompt better behavior from Beijing.
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"As the largest retailer in the United States and a major buyer of USA manufactured goods, we are very concerned about the impacts these tariffs would have on our business, our customers, our suppliers and the USA economy as a whole", Walmart wrote in its letter to Lighthizer.
On Tuesday, China hit back, saying it would levy tariffs on US$60 billion worth of United States goods effective from Sept 24.
"We were trying to do things that were least intrusive on the consumer", Mr Ross said on CNBC on Tuesday. "We encourage the two countries to find near-term solutions to ease trade tensions that will allow more opportunities for USA exports and benefit families in both countries".