Walmart warns Trump tariffs may force price hikes

Visitors watched a robot perform at the China International Industry Fair in Shanghai on Wednesday

Visitors watched a robot perform at the China International Industry Fair in Shanghai on Wednesday

Walmart, the world's largest retailer, in its letter said the tariff would impact prices of everything from food products to beverages and personal care items.

The trade war escalated this week as China announced 10 percent tariffs on $60 billion worth of USA imports - retaliation for Trump's tariffs a day earlier.

Earlier this month, Walmart wrote a letter to the office of U.S. Trade urging the Trump administration to reconsider the tariffs. That penalty will rise to 25 percent beginning January 1.

"As we all know there's a lot of goods that come to the USA via China", Red Front general manager John Garber said. But most don't support Mr. Trump's tariffs as a way to prompt better behavior from Beijing.

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This has led US President Donald Trump to repeat accusations first made on his campaign trail that China is manipulating its currency to combat US tariffs, "raising concerns that the currency market could become the next front in the economic battle between the two countries", says the BBC.

About 10 percent of Walmart's sales a year ago was linked to China.

Of 298,000 metric tons of styrene-butadiene rubber imported by China in 2017, U.S. SBR accounted for about 6.6 percent of the total, according to Commerce.

Walmart filed the letter because "we are concerned about the impact on USA suppliers, consumers and manufacturers, as well as families around the world", Randy Hargrove, a spokesman for Walmart, said in an e-mail.

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