Walmart plans price cuts using tariff refunds as shoppers get skittish

Key points

• Walmart plans price cuts using tariff refunds as shoppers get skittish toggle caption Will Newton/Getty Images Stay up to date with our Up First newsletter sent every weekday morning.
• Walmart will likely put its tariff refunds toward lowering store prices, executives said on Thursday, as they described shoppers who are increasingly anxious about the rising cost of fuel.
• In recent weeks, visitors to Walmart's gas stations have begun to fill up with fewer than ten gallons for the first time since 2022, Chief Financial Officer John David Rainey told investors on an earnings call.
• "That's an indication of stress," he said.
• "We see with our customers that the high-income customer is spending with confidence," Rainey added later, "while the lower-income consumer is more budget-conscious and perhaps navigating financial distress." Sponsor Message The U.S. government last week began refunding tariffs payments to importers that paid higher customs fees imposed by President...