Imposing duties on imports of those products could spell trouble for some prominent U.S. retailers, including Walmart and BestBuy, which sell products imported from China. One way companies may adapt to tariffs is by raising prices on consumers.
A group of 24 large U.S. retailers on Monday sent a letter to President Donald Trump asking him to rethink enacting tariffs on Chinese imports. The letter, signed by Walmart, Big Lots, Costco, Target, Best Buy and Macy’s, among other retailers, said tariffs would raise the costs of basic household items and punish working families in America.