Trump says Walmart is slashing prices at his request


Walmart announced Monday it is cutting prices on dozens of summer barbecue staples, including ground beef, chips and soda, after President Donald Trump claimed the retailer was acting at his administration’s request.

“Walmart will be lowering prices, by a lot, at my Administration’s request to celebrate our great Country’s 250th birthday,” Trump wrote on Truth Social. “They will, in particular, be dropping the price for a pound of ground beef by almost 15%.”

Walmart confirmed the price of a one-pound roll of 73% lean ground beef will fall from $6.74 to $5.94 in stores—about a 12% reduction. The retailer also announced discounts on Coca-Cola and PepsiCo soft drinks, chips and other barbecue essentials.

Walmart said on Monday it would cut prices on many summer barbecue favorites, ‌including meat, chips, and soda
Walmart said on Monday it would cut prices on many summer barbecue favorites, ‌including meat, chips, and soda (Reuters)

The cuts come as Americans continue to face record-high beef prices, with soaring costs driven by years of drought that shrank cattle herds and pushed up feed costs. Economists say rebuilding the nation’s cattle supply could take years. Higher gasoline prices following the U.S. and Israel’s strikes on Iran in February have also added to household costs.

Trump hailed Walmart as “a truly patriotic Company” and urged other retailers to “follow the lead of these absolute Patriots.”

Often viewed as a bellwether for the U.S. economy, Walmart has attracted more middle- and upper-income shoppers in recent years as inflation continues to squeeze household budgets.

Trump hailed Walmart as
Trump hailed Walmart as “a truly patriotic Company” and urged other retailers to “follow the lead of these absolute Patriots” (AP)

The announcement marks a notable reversal from last year, when Walmart warned Trump’s tariffs would force it to raise prices, prompting the president to publicly urge the retailer to absorb the additional costs instead of passing them on to consumers.

Walmart also said more than 250 items at its Sam’s Club warehouse chain will be discounted. Member’s Mark 88/12 ground beef, for example, will fall from $6.17 to $5.97 per pound.

Walmart said in a statement ​that the price of one pound of 73% ground beef roll would drop to $5.94 from $6.74 in ⁠its stores, a decline of about 12%
Walmart said in a statement ​that the price of one pound of 73% ground beef roll would drop to $5.94 from $6.74 in ⁠its stores, a decline of about 12% (Reuters)

Trump has previously tried to lower beef prices by encouraging imports of Argentine beef—a move criticized by U.S. ranchers—and directing the Justice Department to investigate whether major meatpackers were colluding to inflate prices.

Imports of Mexican cattle, once an important source of U.S. beef supplies, have also been restricted for more than a year because of the spread of the flesh-eating New World screwworm parasite.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Bookmarking Whatsapp