The world’s largest retailer confirms consumers should prepare for higher prices on a range of goods as import costs accelerate. Expect other retailers to follow suit.

Walmart said on Thursday it will raise its prices due to higher costs driven by President Trump’s trade war, a sign that tariffs are hitting the economy and consumers despite moves to ratchet them

McMillon praised the Trump regime for lowering the tariffs on China, though economists will tell you the pause is both temporary and an extremely large new tax on all goods coming from overseas. A universal tariff of 10% on goods coming from every other country around the world is also in place, a substantial tax on consumers.