Walmart has said US tariffs are driving up its costs this year, squeezing its profit margins even as more customers visit its stores in search of affordable goods.
The world’s biggest retailer said on Thursday that it had worked to hold down prices as US President Donald Trump’s tariffs on trading partners have taken hold. About a third of Walmart’s US merchandise is imported from countries including China, Mexico, Vietnam and India.
The costs of the goods it sells are starting to escalate, however, as Walmart stocks up ahead of the holiday shopping season.
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