This knock-out punch is about to slam into Trump

Walmart, the world’s largest retailer, says Trump’s tariffs are “too high” and it will have to raise prices because of them.

“Given the magnitude of the tariffs, even at the reduced levels announced this week … the higher tariffs will result in higher prices,” Walmart CEO Doug McMillon said yesterday.

Walmart is the largest retailer in the United States. It has huge buying power and supply-chain options. If Walmart can’t keep prices down, don’t count on any anyone else doing so.

Trump must be livid. A few weeks ago he chewed out Jeff Bezos after Amazon considered displaying the added cost of tariffs on some items. Trump’s press secretary called Bezos’s plan a “hostile and political act.” So Bezos — sycophant that he is — backed down.

Last week, after toymaker Mattel said it would raise prices because of the Trump tariffs, Trump — appearing to regard Mattel as a nation — said “they’re the only country I’ve heard” that’s done such a thing, and he threatened to levy a 100 percent tariff on it.

But Walmart has just said out loud what every other seller in America, including Amazon and Mattel, clearly knows: As their costs rise because of the Trump tariffs, their prices to consumers will rise, too.

Expect those price hikes to begin later in May and increase much further in June.

The University of Michigan’s consumer sentiment survey, released today, showed the second-lowest level on record — down almost 30 percent since the start of the year, right before Trump took office.

Nearly three-fourths of respondents — including a notable share of Republicans — mentioned tariffs.

Funny, 30 percent is almost as much as Trump’s poll numbers have dropped since he took office.

I expect that by June 14 — when many of us will be demonstrating against Trump’s usurpation of our democracy — prices will be soaring and his polls will be in the tanking even further. Perhaps enough to give Republican lawmakers some spine.

So maybe “No Kings” Day should also be “No Trump Tariffs” Day?

Robert Reich is a professor of public policy at Berkeley and former Secretary of Labor. His writings can be found at https://robertreich.substack.com/.