After speaking with Walmart CEO Doug McMillon, US Treasury Secretary Scott Bessent said on CNN, "Walmart will be absorbing some of the tariffs, some may get passed on to consumers".
Bessent described his call with the company's CEO a day after Trump warned Walmart to avoid raising prices from the tariffs at all and vowed to keep a close watch on what it does.
In addition, Bessent pushed back against inflation concerns, praised the uncertainty caused by Trump as a negotiating tactic for trade talks and dismissed the downgrade Friday of U.S. government debt by Moody's Ratings.
Bessent said he spoke with Walmart CEO Doug McMillon, stressing in two news show interviews that what he thought really mattered for Walmart customers was the decline in gasoline prices.
CNN also points out that the US government's trade war has dealt a serious blow to consumer confidence in recent months. The University of Michigan reported that the consumer confidence index fell 2.7 percent between April and May, near an all-time low, in part because Americans are worried about a recession.
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