‘Buckle up’: Trump reamed as Walmart delivers stark warning to consumers

Walmart has issued a stark warning about the impact of President Donald Trump’s tariffs, cautioning that their “magnitude” will directly lead to higher prices for consumers. The nation’s largest retailer made clear it will have no choice but to pass on the increased costs. President Trump, by contrast, recently claimed that Chinese manufacturers—key suppliers for Walmart and many other retailers—would probably “eat” the tariffs.

“We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” Walmart CEO Doug McMillon said in a press release, according to Yahoo Finance.

Walmart CFO John David Rainey told CNBC, “we’re wired to keep prices low for customers, but the level of tariffs that have been proposed is pretty challenging for all retailers, for suppliers, and certainly our concern is that consumers are going to feel some of that.”

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“We’ve not seen a period where you’ve had prices go up this high, this quickly,” he continued (video below). “We’re well equipped and experienced in dealing with elasticities or price increases that are going up 2 or 3 percent, but not 30 percent.”

Critics took the opportunity to blast President Trump’s tariffs.

Senate Democratic Minority Leader Chuck Schumer called Walmart’s warning a “canary in the coal mine for the devastation Trump’s tariffs will have on Main Street,” according to The Washington Post.

“If a retailer as big as Walmart can’t escape the pain of tariffs, what chance [do] small businesses have?” he asked.

Leader Schumer called on retailers to post how much tariffs increase the cost of each product.

“Walmart’s announcement is a glaring reminder that even after supposedly backtracking on some of his tariffs, significant damage will not go away,” he added in a floor speech. “The chaos unleashed is eating away at retail, restaurants, small businesses, and middle class families wallets. It is still estimated these tariffs will cost thousands of dollars for each family each year.”

Cato Institute Vice President of General Economics Scott Lincicome served up this warning: “Buckle up.”

Watch the video below or at this link.