Treasury Secretary Steven Mnuchin said he spoke with Walmart Inc. Chief Financial Officer Brett Biggs after the executive said U.S. tariffs on Chinese imports would raise prices for consumers.
Mnuchin told the House Financial Services Committee on Wednesday that he’s monitoring the impact of tariffs on consumer prices.
Biggs said Thursday that “increased tariffs lead to increased prices” and that “there are some places where, as we get tariffs, we will take prices up.” Walmart shares rose after the remarks.
Mnuchin was asked at the hearing about potential increases in the cost of diapers, baby formula and other children’s goods as a result of President Donald Trump’s trade war with China. He said he speaks to Biggs on a “regular basis.”
Trade talks between Beijing and Washington deadlocked this month as Trump accused China of backing out of a deal that was taking shape with U.S. officials, saying China reneged on an agreement to enshrine a wide range of reforms in law. Trump increased levies on $200 billion in Chinese imports to 25% from 10%, prompting retaliation from Beijing.
The U.S. has said it’s prepared to hit China with new tariffs even as Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal.
