Donald Trump’s tariffs are having devastating effects on businesses in the US.
Earlier this year, Trump announced a series of new tariffs on countries across the globe, including the Heard Island and McDonald Islands — one of the most remote places in the world, where only penguins and seals live.
As a result of these controversial hikes, experts and businesses have warned that Americans are likely going to have to fork out more cash than before for everyday items.
In recent days, Walmart warned its customers that it may have to up its prices.
Walmart CEO Douglas McMillon said: “We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.”
Another company that’s spoken out against Trump’s hiked levies is Wyze Cam. According to the Washington-based tech firm, it was poised to pay ‘$255,000 in tariffs and $579.23 in ‘other fees’ to import $167,000 of Wyze Cams’.
Tweeting this on May 1, the firm proceeded to share a receipt to back its claims.
GlytchTech shared a photo of its DHL invoice as well, with the company being quoted over $2,800 in tariffs on less than $2,000 worth of equipment.
