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New Tariffs Could Hit Walmart Customers In The Wallet

Posted at 2:25 PM, Sep 21, 2018
and last updated 2018-09-21 16:58:39-04

(CNN) – Two weeks ago, Walmart asked the Trump administration to walk back its plan to put tariffs on multiple items, saying that if it goes through, prices will most likely go up.

“The immediate impact will be to raise prices on consumers and tax American business and manufacturers,” Walmart said.

CNN Money reports that the administration was unmoved. On Monday, it pressed forward with 10% tariffs on those products and $200 billion worth of other imports from China. The tariffs, which take effect next week, will jump to 25% at the end of the year.

The latest round of tariffs brings the US trade war with China directly to Walmart (WMT), the country’s largest retailer, and hits the everyday products it sells.

Other retailers and consumer goods companies, including Ace Hardware and Joann fabric and craft stores, also lobbied the administration.