Mnuchin Says He Talked to Walmart CFO as New Tariffs Loom
- Retailer warned U.S. tariffs could lead to higher prices
- Treasury chief still hopeful of trade deal with China
Steven Mnuchin, U.S. Treasury secretary, speaks during a House Financial Services Committee hearing in Washington, D.C. on May 22, 2019.
Photographer: Andrew Harrer/BloombergTreasury Secretary Steven Mnuchin said the Trump administration is keeping watch on how tariffs on Chinese products will affect prices on store shelves, a nod to the growing risk the trade war with Beijing could trigger a consumer backlash.
Mnuchin said Wednesday he spoke with Walmart Inc. Chief Financial Officer Brett Biggs, who has warned that duties on Chinese imports will raise prices for consumers. His comments came in response to questions from Democratic Representative Benjamin McAdams of Utah. The lawmaker asked what to tell parents in his district if higher costs for everyday goods means they can’t afford essentials like baby diapers and infant formula.