Costco requests price cuts from Chinese suppliers

Costco and Walmart are taking action in response to new U.S. tariffs on imported goods. These tariffs include a 20% tax on items coming from China and a 25% tax on products from Canada and Mexico. Costco is urging its Chinese suppliers to reduce prices before the tariffs take effect on April 2. This request comes after President Trump announced the increased tariffs on March 4. Walmart is also seeking price cuts from its suppliers in China. Costco's CFO had previously warned that the tariffs could lead to higher prices for customers. The CEO of Costco mentioned that the company might adjust its supply chain to manage the costs if prices rise significantly. Meanwhile, Walmart has approached China's Ministry of Commerce to discuss its concerns over the tariffs. A spokesperson from the ministry stated that China should not be blamed for the U.S. tariffs.