(USA Today) Costco became the latest retailer to say that the trade war between China and the U.S. will likely lead to higher prices, but the warehouse giant says it is taking steps to withstand the battle.
“At the end of the day, prices will go up on things,’’ said Richard Galanti, Costco’s chief financial officer, during an earnings call with investors. “We’re hopeful the ebbs and flows of the relations between our countries improves in that regard.’’
The Trump administration ratcheted up its trade battle with China this month when it hiked U.S. tariffs on $200 billion in imported Chinese goods from 10% to 25%. The president has also threatened to add a 25% tariff on virtually all the remaining $325 billion in products brought in from China.
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