Walmart warns Trump tariffs may force price hikes

China rules out currency devaluation to boost global trade

President Trump's base better get ready for some sticker shock come Monday.

Walmart, in the letter, listed a wide swath of goods that may soon cost consumers more: fish, vegetables, nuts, grains, flours; personal care products from makeup to shampoo; luggage and handbags; bicycles and motorcycles; leather apparel hats, hand tools and some furniture; lighting and mirrors including Christmas lights; monitors; paper tablecloths, napkins, plates and cups, toilet and tissue paper; dog leashes, home air conditioners, refrigerators, vacuum cleaners and calculators.

Several chains asked the White House not to implement the added tariffs on $200 billion in goods.

Ma's statement comes on the heels of the Trump administration imposing tariffs on $200 billion worth of imports from China and the Chinese reacting with tariffs on about $60 billion worth of USA goods.

When Trump didn't heed the retailers' warning, it left the chains disappointed, a spokesman for a retail trade group said Friday.

About 10 percent of Walmart's sales previous year was linked to China.

Ma told China's Xinhua news agency Wednesday the promise he made - shortly before Trump took office - was based on friendly cooperation between the United States and China and rational growth for China-U.S. trade. And we will come back with more if they retaliate.

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China has categorically ruled out devaluing its currency in a bid to boost exports, despite the growing threat of an all-out trade war with the US.

Still, the added tariffs will hit consumers, the chains said.

"It's tariffs on a scale and depth that is previously inconceivable in United States history".

"We can not afford further escalation, especially with the holiday shopping season right around the corner", Shay added.

"One of those mitigation strategies is to understand what our suppliers are doing and what their plans and alternatives are", he said in an email.

Walmart confirmed it sent the letter and in a statement to Reuters urged the two countries to find solutions.

The problem, however, is that many manufacturers rely on component parts from China.

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