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CNN (Hong Kong) - Many businesses are struggling under Trump’s chaotic tariff announcements, which have escalated trade tensions between the world’s two largest economies. Retailers have told CNN that they may have to raise prices at a time when many customers are already feeling financial pressure and the pinch of inflation.
On Wednesday, state broadcaster CCTV’s official social media account, Yuyuantantian, wrote in a post that Chinese authorities had summoned Walmart for a meeting on Tuesday.
“Walmart’s demand for Chinese suppliers to bear the full tariff burden is unreasonable and disrupts fair competition and international trade order,” the post said.
In a possible warning, it added that Chinese authorities could “take further action” if the American retailer continues to press its case for discounts. Even though asking suppliers to lower their prices isn’t unusual in China, it’s a tough proposition at the moment because many are already running their businesses with ultra-thin margins.
In a statement to CNN, Walmart said its purpose was to help people “save money and live better.”
“Our conversations with suppliers are all aimed at making our purpose a reality for millions of customers, and we will continue to work closely with them to find the best way forward during these uncertain times,” it said.
The Arkansas-based retailer doesn’t just source products from China. It has an active and thriving presence there, having entered China in 1996 and opened its first superstore and Sam’s Club in the southern megacity of Shenzhen.
On Wednesday, state broadcaster CCTV’s official social media account, Yuyuantantian, wrote in a post that Chinese authorities had summoned Walmart for a meeting on Tuesday.
“Walmart’s demand for Chinese suppliers to bear the full tariff burden is unreasonable and disrupts fair competition and international trade order,” the post said.
In a possible warning, it added that Chinese authorities could “take further action” if the American retailer continues to press its case for discounts. Even though asking suppliers to lower their prices isn’t unusual in China, it’s a tough proposition at the moment because many are already running their businesses with ultra-thin margins.
In a statement to CNN, Walmart said its purpose was to help people “save money and live better.”
“Our conversations with suppliers are all aimed at making our purpose a reality for millions of customers, and we will continue to work closely with them to find the best way forward during these uncertain times,” it said.
The Arkansas-based retailer doesn’t just source products from China. It has an active and thriving presence there, having entered China in 1996 and opened its first superstore and Sam’s Club in the southern megacity of Shenzhen.
