Walmart, the big dog of retail, decided it was time to up their prices, giving us a not-so-subtle hint about how President Trump’s tariffs are affecting us regular folks. During a call with industry peeps, Walmart honchos spilled the beans that prices are gonna climb thanks to the highest import duties since way back in the 1930s. Veggies and furniture are gonna cost more, especially when back-to-school shopping hits in July. And get this, car seats made in China could be $100 more expensive. Ouch.
The company’s Chief Financial Officer, John David Rainey, spilled the tea to the Associated Press, saying, “We’re all about those low prices, but even we have our limits, just like any other retailer.” And it’s not just Walmart feeling the pinch. Other big names like Procter & Gamble and Ford are also planning to jack up prices because of the whole tariff mess. Even Mattel Inc., the brains behind Barbie and Hot Wheels, is hiking their prices to cover the cost of tariffs. And guess what? Trump wasn’t too happy about it, threatening to slap a 100% tariff on those beloved toys.
With a 10% universal tariff in place and a whopping 145% duty on Chinese goods (which got slashed to 30% recently), stuff like strollers and spices are costing more to make. But so far, us consumers haven’t felt the full hit. Sure, there was a tiny 0.1% bump in spending in April, but that’s nothing compared to the panic-buying frenzy we saw in March. People are already starting to feel the pinch, stocking up on goods before prices skyrocket. One shopper, Leora, filled her cart with essentials like toilet paper and food, worried about what’s to come.
In sunny LA, residents like Amol are already noticing the price jump. When he went to Ikea for some closet storage, prices were way higher than he expected. The software engineer was shocked to see how much he’d have to shell out for some basic furniture. Ikea isn’t the only one struggling to keep prices low. Businesses all over are feeling the squeeze of rising costs, trying to stay profitable without scaring customers away with crazy high prices. But let’s be real, hiking prices is never a good look, especially when your competitors aren’t doing the same. So, what’s gonna happen next? Who knows. But one thing’s for sure, we might see those price hikes hitting us hard sooner than we think.
