Business & Economy
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Business & Economy
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Walmart raising prices with tariffs driving up costs
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The retail giant said it plans to raise prices this month and early this summer, passing along some of the cost as tariff-affected merchandise hits store shelves.
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“The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history,” Walmart Chief Financial Officer John David Rainey told The Wall Street Journal.
Walmart also announced its profits slipped in the first quarter of the year, to $4.45 billion or 56 cents per share, from $5.10 billion or 63 cents per share, The Associated Press noted.
It did not issue a profit outlook, given the uncertainty surrounding Trump’s tariff regime, joining a number of other companies that have taken the same stance.
Walmart sells all kinds of low-cost household goods and apparel that could be hammered by Trump’s tariffs.
The Trump administration this week made a significant pivot with one of the largest U.S. trade partners, China, which has factories that produce a number of products found on U.S. shelves.
Read more here.
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Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Sen. Cynthia Lummis (R-Wyo.) said Thursday she believes senators have reached an agreement on “final language” for Senate stablecoin legislation and expects the bill to head to the floor next week.
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Cryptocurrency exchange Coinbase said Thursday cyber criminals stole customer data and demanded a $20 million payment from the company to not publicly release the sensitive information.
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Americans pumped the brakes on credit card and car debt to start the year, but with missed student loan payments now showing up on credit reports, new data reveals a fresh financial headache is already setting in.
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Wholesale prices took their largest month-to-month dive in April since the height of the coronavirus pandemic amid President Trump’s ongoing trade war.
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Trump tax cuts on thin ice ahead of key vote
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A key committee vote for the Republican package full of President Trump’s legislative priorities scheduled for Friday could be punted to next week as hardliners on the panel threaten to block the legislation.
“I haven’t given up yet. But there are concerns about having to get more information, which would potentially delay this to next week, so we’ll see,” House Budget Committee Chair Jodey Arrington (R-Texas) said Thursday.
The possible delay comes after a wave of hardliners on the panel — Reps. Chip Roy (R-Texas), Ralph Norman (R-S.C.), and Rep. Andrew Clyde (R-Ga.) — said they planned to vote against advancing the GOP’s megabill in its current form in a meeting scheduled for Friday.
The defections would be enough to stop it from moving forward, and several other hardline conservative members on the panel also said they were undecided or expressed reservations about the bill.
Read more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we're watching:
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- The University of Michigan releases the latest Survey of Consumer Sentiment.
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Branch out with more stories from the day:
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A strike by Starbucks baristas protesting the company’s new dress code grew Thursday. More than …
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Business and economic news we've flagged from other outlets:
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- White House announces AI data center campus partnership with the UAE (CNBC)
- Jamie Dimon continues to warn of recession, despite pullback in China tariffs (CNN)
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Top stories on The Hill right now:
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The Supreme Court mulled whether judges should be allowed to extend injunctive relief to the entire country in a lively argument Thursday stemming from President Trump’s efforts to narrow birthright citizenship. Read more
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A key committee vote for the Republican package full of President Trump’s legislative priorities scheduled for Friday could be punted to next week as hardliners on the panel threaten to block the legislation. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You're all caught up. See you tomorrow!
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