Walmart CEO Bill McMillon says Walmart stores in the state have already been notified by all higher tariffs that price increases for shoppers are all rising.
“We will do our best to keep prices as low as possible, but given the magnitude of the tariffs, even at the level of decline announced this week, we cannot absorb all the pressure given the reality of retail margins.
But how much of a percentage can these costs rise? Walmart CFO Jon Rainey says double digits.
“We keep the prices as low as possible, but when we see a 30% tariff on something, we can see a double digit number. But when we look at the magnitude of the cost of a particular category of items being imported, it’s more than what the retailer can withstand, and more than what the supplier is responsible for,” Rainey said.
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But Walmart is the only retailer in Florida, increasing costs from higher tariffs.
Higher tariffs also affect general and family dollar stores in dollars that announced higher prices.
Target CEO Brian Cornell said customers’ prices have also been rising. From its food section, the target imported fruits and vegetables from Mexico and pointed to higher tariffs for higher costs that would impact consumers.
These two retailers have a large presence in many rural Florida counties, with higher costs potentially negatively affecting low-income families living in many of these counties.
