Yes, I am. And I'm surprised to see you as part of the MAGA crowd praising Trump. But maybe it's sarcasm that's lost on me due to English not being my native language. If so, apologies in advance.
(THEDAILYUPSIDE) INFLATION & PRICES Walmart Blames Upcoming Price Hikes on Tariffs Remember tariffs? Those things that have roiled markets, alarmed economists, and hogged news headlines for most of the past three months? Oh, you haven’t forgotten. Well, just in case, America's largest retailer is here to remind you: Despite a 90-day trade war truce with China and a pause on global reciprocal tariffs set to end in July, Walmart said Thursday that it plans to hike prices this month. Going Bananas The US agreed to slash duties on Chinese imports to 30% from 145% earlier this week as the two nations try to negotiate a longer-lasting deal. But when Walmart held its latest earnings call Thursday, Chief Financial Officer John Rainey hastened to note that a 30% tariff during the negotiating window is still a 30% tariff. In a client note earlier this week, Bank of America's Robert Ohmes said Walmart is "well positioned to manage tariffs" because of its sophisticated supply chain network and because imports from China make up only about 15% of its US sales, considerably less than many competitors. About 60% of its US sales are groceries, most of which are domestically sourced. Notably, the retail giant did not pause or revise its annual guidance, as many other companies have because of the economic uncertainty. In addition to the 30% tariffs on China, the Trump administration has imposed a 10% universal tariff on most imports entering the US. Rainey said on Thursday’s earnings call that, even with Walmart’s vast resources, there are “certain items, certain categories of merchandise that we’re dependent upon to import from other countries. Prices of those things are likely going to go up, and that’s not good for consumers.” Additionally, executives provided some specific examples of how the levies, as well as changes in Americans’ shopping habits, are playing out at the retail giant’s stores: CEO Doug McMillan said “tariffs on countries like Costa Rica, Peru, and Colombia are pressuring imported items like bananas, avocados, coffee, and roses.” Banana prices, he added, have already been driven up to 54 cents a pound from 50 cents, due to tariffs. US comparable sales climbed 4.5% in the three months through May 2, besting Wall Street’s expectations, but a quarterly revenue jump of 2.5% to $165.6 billion missed. Walmart noted Thursday that it has continued to benefit from high-income households turning to the low-price retailer for groceries — it was buoyed by the trend during previous periods of uncertainty like the pandemic and its inflationary fallout. The Chair’s View: Federal Reserve Chair Jerome Powell signaled Thursday that interest rates are likely to remain higher for longer as inflation trends grow more volatile. “We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks,” he told the Thomas Laubach Research Conference in DC. It might also mean more high-income customers for Walmart. Written by Sean Craig
China, on the other hand, reduced its stash of Treasuries to $765.4 billion in March, down from $784.3 billion the previous month. https://www.cnbc.com/2025/05/16/foreign-holdings-us-treasuries-trillions.html
Not that difficult to find source citations https://www.perplexity.ai/search/46d566b6-fab5-483e-b38b-92cd03221ea2#0