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Walmart warns Trump tariffs could lead to price increases, report says
Jon Hilsenrath, World Economic Editor at The Wall Street Journal, discusses the growth of the US economy, President Trump's trade war with China, and Walmart's warning that it could raise prices because of tariffs Of the president.
There are even more problems between Walmart and its former credit card issuer, Synchrony.
The lender's actions sank after the retailer slapped the company with a hefty lawsuit alleging that Synchrony had broken an "implied promise" that it would not hurt Walmart's ability to "receive the fruits of the contract." ". .
The two companies separated in July after Walmart chose Capital One to manage its private label and co-branded credit cards. Since then, both parties have been negotiating the sale or retention of the $ 10 billion Walmart portfolio.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| WMT | WALMART INC. | 101.04 | 0.46 | + 0.46% |
| SYF | SYNCHRONY FINANCIAL | 26.40 | -2.83 | -9.68% |
| COF | CAPITAL ONE FINANCIAL CORP. | 87.10 | -2.20 | -2.46% |
In a statement issued on Thursday, Synchrony said Walmart's complaint was "totally unfounded and unfounded" and intended to vigorously defend its position.
"This lawsuit is nothing more than an attempt by Walmart to leverage and avoid the contracted process of assessing the loan portfolio that Synchrony has served on behalf of millions of clients." of Walmart over the past 20 years, "the statement said. "It is unfortunate that despite our good faith efforts to resolve this trade dispute amicably and in accordance with the contract, Walmart deviated from the discussions and rushed to sue," the company added.
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In a statement to FOX Business, Walmart responded with his own statement.
"Synchrony has not taken responsibility for his actions. We really expect Synchrony to produce counterclaims to deflect attention from his own conduct. "
The legal dispute is another blow to Synchrony, with its partnership with the retailer accounting for more than 10% of the interest and fees the bank earned on its loans last year, according to Bloomberg.
Synchrony was split from GE Capital in 2015 when the company decided to leave the financial services sector.
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