Costco CFO Gary Millerchip became the latest retail executive to warn that President-elect Trump’s proposed tariffs would raise costs for consumers.

[…]

Still, he acknowledged that, in general,”tariffs raise costs so that’s not something that we see as a positive.”

“When it rains, it rains on everybody,” he added.

[…]

Earlier this month, Dollar Tree — which has high exposure to China — warned that if tariffs are implemented, then the company might have to change product details or sizes and even get rid of items altogether if they become too expensive.

[…]

A spokesperson for Walmart previously told FOX Business that the company remains “concerned that significantly increased tariffs could lead to increased costs for our customers at a time when they are still feeling the remnants of inflation.”

Walmart CFO John David Rainey said during an interview on FOX Business in November that “tariffs are going to be inflationary. There’s no disputing that.”

Karoline Leavitt, Trump’s incoming White House press secretary, previously told FOX Business that, during Trump’s first term the tariffs imposed on China “created jobs, spurred investment, and resulted in no inflation.”

She said Trump plans to restore the economy, in part, by “re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy.”

Source: Daniella Genovese, foxbusiness.com/lifestyle/costco-exec-warns-trumps-proposed-tariffs-would-raise-costs