United News of Bangladesh

Treasury Secretary Scott Bessent admitted on Sunday that Walmart—the nation’s largest retailer—might pass some of the costs from President Donald Trump’s tariffs on to consumers by raising prices. Bessent’s comments followed a conversation with Walmart’s CEO, which came just one day after Trump warned the company against increasing prices and pledged to closely monitor its response to the tariffs. Trump warns Walmart: Don’t raise prices due to my tariffs but do eat the costs from those taxes Amid ongoing skepticism about Trump’s handling of the economy, Bessent dismissed inflation concerns, defended Trump’s unpredictability as a deliberate strategy in trade negotiations, and downplayed the U.S. credit downgrade issued by Moody’s Ratings on Friday. However, despite Trump’s insistence that Walmart and China would fully absorb the impact of the tariffs, the retailer seems unwilling to shoulder the full financial burden on its own. Bessent said he spoke Saturday with Walmart CEO Doug McMillon, stressing in two news show interviews that what he thought really mattered for Walmart customers was the decline in gasoline prices. Gas is averaging roughly $3.18 a gallon, down from a year ago but also higher over the past week, according to AAA. “Walmart will be absorbing some of the tariffs, some may get passed on to consumers,” Bessent said on CNN. “Overall, I would expect inflation to remain in line. But I don’t blame consumers for being skittish after what happened to them for years under Biden,” a reference to inflation hitting a four-decade high in June 2022 under then President Joe Biden as the recovery from the pandemic, government spending and the Russian invasion of Ukraine pushed up costs. Walmart did not comment on Bessent’s description of his conversation with McMillon. In a social media post on Saturday morning, Trump said Walmart should not charge its customers more money to offset the new tariff costs. “I’ll be watching, and so will your customers!!!” he posted. Bessent said Walmart on its earnings call on Thursday had been obligated under federal regulations “to give the worst-case scenario so that they’re not sued,” suggesting in an NBC interview that the price increases would not be severe in his view. But Walmart executives said last week that higher prices began to appear on their shelves in late April and accelerated this month. “We’re wired to keep prices low, but there’s a limit to what we can bear, or any retailer for that matter,” Chief Financial Officer John David Rainey told The Associated Press on Thursday. Share markets slump again, indices fall in Dhaka and Chattogram Bessent maintained that the ratings downgrade was a “lagging indicator” as the financial markets had already priced in the costs of a total federal debt of roughly $36 trillion. Still, the tax plan being pushed by Trump would add more roughly $3.3 trillion to deficits over the next decade, including a $600 billion increase in 2027 alone, according to the Committee for a Responsible Federal Budget. The treasury secretary maintained that deficits would not be a problem because the economy would grow faster than the debt accumulation, reducing its increase as a size of the overall economy. Most independent analysts are skeptical of the administration’s claims that it can achieve 3% average growth as Trump’s 2018 tax cuts failed to do so. Those tax cuts from Trump’s first term did boost economic growth before the pandemic, but they also raised the budget deficit relative to previous estimates by the Congressional Budget Office. On tariffs, the Trump administration is still trying to determine rates with roughly 40 major trading partners before a July deadline. It’s also in the early stages of a 90-day negotiation with China, after agreed a week ago to reset tariffs on that country from 145% to 30% so that talks can proceed. Bessent said any worries about tariffs by small business owners most likely reflected the higher rate previously being charged on China. Still, the uncertainty has been a major drag for consumers and businesses trying to make spending plans in the weeks, months and years ahead. “Strategic uncertainty is a negotiating tactic,” Bessent said. “So, if we were to give too much certainty to the other countries, then they would play us in the negotiations.” Bessent appeared on NBC’s “Meet the Press” and CNN’s “State of the Union.”          

On Saturday, former President Donald Trump sharply criticized Walmart on social media, demanding that the company absorb the extra costs resulting from his tariffs. As Trump raised import duties, he sought to reassure a doubtful public by claiming that the burden would fall on foreign exporters, not American consumers, and that businesses like retailers and car manufacturers would shoulder any additional expenses. However, most economists have cast doubt on these assertions, warning that the tariffs could fuel higher inflation. Walmart itself cautioned on Thursday that the prices of a wide range of goods — from bananas to children’s car seats — could rise. Posting on Truth Social, Trump targeted the retail behemoth, which employs 1.6 million workers across the U.S. He argued that Walmart, headquartered in Bentonville, Arkansas, should be willing to reduce its profit margins to support his broader economic strategy, which he claims will eventually bring more manufacturing jobs back to the United States. “Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump posted. “Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, “EAT THE TARIFFS,” and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!” The posting by the Republican president reflected the increasingly awkward series of choices that many major American companies face as a result of his tariffs, from deteriorating sales to the possibility of incurring Trump’s wrath. Trump has similarly warned domestic automakers to not raise their prices, even though outside analyses say his tariffs would raise production costs. So far, those tariffs have darkened the mood of an otherwise resilient U.S. economy. The preliminary reading of the University of Michigan survey of consumer sentiment on Friday slipped to its second lowest measure on record, with roughly 75% of respondents “spontaneously” mentioning tariffs as they largely expected inflation to accelerate. In April, Walmart CEO Doug McMillon was among the retail executives who met with Trump at the White House to discuss tariffs. But the Trump administration went forward despite warnings and has attacked other companies such as Amazon and Apple that are struggling with the disruptions to their supply chains. Walmart chief financial officer John David Rainey said he thinks $350 car seats made in China will soon cost an additional $100, a 29% price increase. Colombia seeks to join China-based development bank as Latin America drifts away from Washington “We’re wired to keep prices low, but there’s a limit to what we can bear, or any retailer for that matter,” he told The Associated Press on Thursday after the company reported strong first-quarter sales. The administration recently ratcheted down its 145% tariffs on China to 30% for a 90-day period. Trump has placed tariffs as high as 25% on Mexico and Canada due to illegal immigration and drug trafficking, harming the relationship with America’s two largest trading partners. There is a universal baseline tariff of 10% on most countries as Trump promises to reach trade deals in the coming weeks after having shocked the financial markets in early April by charging higher import taxes based on trade deficits with other countries. Trump insists he intends to preserve the tariffs as a revenue source and that a framework agreement with the United Kingdom would largely keep the 10% tariff rate in place. Trump has also placed import taxes on autos, steel and aluminum and plans to do so on pharmaceutical drugs, among other products. The tariffs and Trump’s own reversals on how much he should charge have generated uncertainty across the U.S. economy, such that Federal Reserve Chair Jerome Powell has held the central bank’s benchmark rates steady until there is more clarity. Powell has warned that tariffs can both hurt growth and raise prices.    

Walmart experienced a strong performance throughout 2024, but potential challenges loom in 2025, reports AP. The retail giant achieved another year of solid sales and profits, with its competitive pricing continuing to attract inflation-conscious shoppers. However, uncertainties in the economic landscape suggest difficulties ahead. Texas gunman in Walmart shooting gets 90 consecutive life sentences and may still face death penalty Walmart’s 2025 earnings forecast falls short of analysts’ expectations by as much as 27 cents per share, while its quarterly outlook is up to 7 cents below Wall Street projections. The company's sales forecast is also underwhelming, possibly signalling growing obstacles as consumer spending weakens and President Donald Trump's tariffs on China and other nations pose a threat to Walmart’s low-price strategy. Despite implementing measures to mitigate some tariff risks, Walmart remains vulnerable. Groceries, which constitute about 60% of its U.S. business, are largely unaffected by international trade policies. However, Walmart's stock plunged nearly 9% before Thursday’s market opening, dragging down other major retailers, including Target, which saw a 2% decline. As one of the first major U.S. retailers to release quarterly results, Walmart’s numbers provide insight into consumer sentiment, especially in light of new trade barriers that many economists fear could drive inflation higher. Over the past year, shoppers have prioritised essential purchases over discretionary items like electronics, furniture, and appliances, exercising greater caution due to rising costs for both credit and groceries. Walmart boosts outlook after a strong first quarter and rising online sales Walmart has thrived in this environment, leveraging its scale to maintain lower prices and gain market share, particularly among households earning over $100,000. Its e-commerce expansion and Walmart+ membership programme have also drawn wealthier customers. “We have momentum driven by our low prices, a growing assortment, and an eCommerce business focused on faster delivery times,” said CEO Doug McMillon. “We’re gaining market share, our top line is healthy, and our inventory is in great shape.” Nevertheless, the company may face heightened challenges as the new tariffs present greater economic risks compared to Trump’s first term. Economists warn that if Americans experience another wave of price increases, consumer spending—accounting for 70% of the U.S. economy—could decline broadly, impacting not just Walmart’s sales but the economy at large. Recent government data showed a sharp decline in January retail sales, partly due to cold weather, though the drop was larger than expected—the biggest in a year. While December sales were revised higher, it may suggest consumers are cutting back after holiday spending. Meanwhile, grocery prices, a persistent concern for American households, have continued to rise. Walmart, headquartered in Bentonville, Arkansas, reported quarterly earnings of $5.25 billion, or 65 cents per share, for the period ending Jan. 31, compared to $5.49 billion, or 68 cents per share, a year earlier. Adjusted earnings per share stood at 66 cents. Quarterly sales grew by 4.1% to reach $180.55 billion, surpassing analysts’ forecast of $180.07 billion, according to FactSet. Comparable sales for Walmart’s U.S. division—including online and physical stores open for at least a year—rose 4.6%, slightly below the 5.3% increase in the previous quarter. The company reported a 4.2% rise in the second quarter and 3.8% in the first quarter. Global e-commerce sales climbed 16% in the latest quarter, a slowdown from the 27% growth seen in the third quarter. 'Bodies drop' as Walmart manager kills 6 in Virginia attack For the first quarter, Walmart expects earnings per share between 57 and 58 cents, well below Wall Street’s 64-cent projection. For the full year, the company anticipates earnings per share of $2.50 to $2.60, falling short of the $2.77 analysts predicted. The retailer projects a 3% to 4% rise in quarterly sales, ranging between $166.35 billion and $167.97 billion, which could disappoint analysts who expected $167.05 billion. For the year, Walmart forecasts sales growth of 3% to 4%, reaching between $667.57 billion and $674.05 billion—significantly lower than analysts’ estimate of $708.72 billion, according to FactSet.

A Walmart manager pulled out a handgun before a routine employee meeting and began firing wildly around the break room of a Virginia store, killing six people in the nation’s second high-profile mass shooting in four days, police and witnesses said Wednesday. The gunman was dead when officers arrived late Tuesday at the store in Chesapeake, Virginia's second-largest city. Authorities said he apparently shot himself. Police were trying to determine a motive. One employee described watching “bodies drop” as the assailant fired haphazardly, without saying a word. “He was just shooting all throughout the room. It didn’t matter who he hit. He didn’t say anything. He didn’t look at anybody in any specific type of way," said Briana Tyler, a Walmart employee. Six people were wounded in the shooting, which happened just after 10 p.m. as shoppers were stocking up ahead of the Thanksgiving holiday. Police said they believe about 50 people were in the store at the time. The gunman was identified as Andre Bing, 31, an overnight team leader who had been a Walmart employee since 2010. Police said he had one handgun and several magazines of ammunition. Tyler said the overnight stocking team of 15 to 20 people had just gathered in the break room to go over the morning plan. She said the meeting was about to start, and one team leader said: “All right guys, we have a light night ahead of us.” Then Bing turned around and opened fire on the staff. At first, Tyler doubted the shooting was real, thinking that it was an active shooter drill. “It was all happening so fast,” she said, adding: “It is by the grace of God that a bullet missed me. I saw the smoke leaving the gun, and I literally watched bodies drop. It was crazy.” Police said three of the dead, including Bing, were found in the break room. One of the slain victims was found near the front of the store. Three others were taken to hospitals where they died. Tyler, who started working at Walmart two months ago and had worked with Bing just a night earlier, said she never had a negative encounter with him, but others told her he was “the manager to look out for.” She said Bing had a history of writing people up for no reason. Read more: 5 killed, 18 injured in Colorado nightclub shooting “He just liked to pick, honestly. I think he just looked for little things ... because he had the authority. That’s just the type of person that he was. That’s what a lot of people said about him,” she said. Employee Jessie Wilczewski told Norfolk television station WAVY that she hid under a table, and Bing looked and pointed his gun at her. He told her to go home, and she left. Police said the dead included a 16-year-old boy whose name was being withheld because of his age. The other victims were identified as Brian Pendleton, 38; Kellie Pyle, 52; Lorenzo Gamble, 43; and Randy Blevins, 70, who were all from Chesapeake; and Tyneka Johnson, 22, of nearby Portsmouth. It was not immediately clear whether they were workers or shoppers. Pyle was a “lovely, generous and kind person,” said Gwendolyn Bowe Baker Spencer, who said that her son and Pyle had plans to marry next year. Pyle had adult children in Kentucky who will be traveling to Virginia, Spencer said. “We love her,” Spencer said, adding: "She was an awesome, kind individual.” The attack was the second time in a little more than a week that Virginia has experienced a major shooting. Three University of Virginia football players were fatally shot on a charter bus as they returned to campus from a field trip on Nov. 13. Two other students were wounded. The assault at the Walmart came days after a person opened fire at a gay nightclub in Colorado Springs, killing five people and wounding 17. Last spring, the country was shaken by the deaths of 21 when a gunman stormed an elementary school in Uvalde, Texas. Tuesday night's shooting also brought back memories of another attack at a Walmart in 2019, when a gunman who targeted Mexicans opened fire at a store in El Paso, Texas, and killed 23 people. A database run by The Associated Press, USA Today and Northeastern University that tracks every mass killing in America going back to 2006 shows that the U.S. has now had 40 mass killings so far in 2022. That compares with 45 for all of 2019, the highest year in the database, which defines a mass killing as at least four people killed, not including the killer. According to the database, more than a quarter of the mass killings have occurred since Oct. 21, spanning eight states and claiming 51 lives. Nine of those 11 incidents were shootings. President Joe Biden tweeted that he and the first lady were grieving, adding: “We mourn for those who will have empty seats at their Thanksgiving table because of these tragic events.” Read more: 9 killed in Walmart shooting in Virginia Kimberly Shupe, mother of Walmart employee Jalon Jones, told reporters her 24-year-old son was shot in the back. She said he was in good condition and talking Wednesday, after initially being placed on a ventilator. Shupe said she learned of the shooting from a friend, who went to a family reunification center to learn Jones' whereabouts. “If he’s not answering his phone, he’s not answering text messages and there’s a shooting at his job, you just kind of put two and two together,” Shupe said. “It was shock at first, but ultimately, I just kept thinking, ‘he’s going to be all right.’” Walmart said in a statement that it was working with law enforcement and “focused on doing everything we can to support our associates and their families.” In the aftermath of the El Paso shooting, the company made a decision in September 2019 to discontinue sales of certain kinds of ammunition and asked that customers no longer openly carry firearms in stores. It stopped selling handgun ammunition as well as short-barrel rifle ammunition, such as the .223 caliber and 5.56 caliber used in military style weapons. The company stopped selling handguns in the mid-1990s in every state but Alaska, where sales continued until 2019. The changes marked a complete exit from that business and allowed Walmart to focus on hunting rifles and related ammunition only. Many of its stores are in rural areas where hunters depend on Walmart to get their equipment. Tyler's grandfather, Richard Tate, said he dropped his granddaughter off for her 10 p.m. shift, then parked the car and went in to buy some dish soap. When he first heard the shots, he thought it could be balloons popping. But he soon saw other customers and employees fleeing, and he ran too. Tate reached his car and called his granddaughter. “I could tell that she was upset,” he said. “But I could also tell that she was alive.”

Vote counting in the union push at an Amazon warehouse in Bessemer, Alabama, is underway but a winner may not be determined until Friday. By Thursday evening, the count was tilting heavily against the union, with 1,100 workers rejecting it and 463 voting in favor. The count will resume Friday morning. The Retail, Wholesale and Department Store Union, which is organizing the Bessemer workers, said that 3,215 votes were sent in — about 55% of the nearly 6,000 workers who were eligible to vote. The union said hundreds of those votes were contested, mostly by Amazon, for various reasons such as the voter didn’t work there or doesn’t qualify to vote. The union would not specify how many votes were being contested. Also read: Amazon jumps into health care with telemedicine initiative The National Labor Relations Board is conducting the vote count in Birmingham, Alabama. In order to determine a winner, the margin of victory must be more than the number of contested votes, otherwise a hearing would be held on whether or not to open the contested votes and count them toward the final tally. RWDSU President Stuart Appelbaum struck a grim tone Thursday in a statement ahead of the results: “Our system is broken, Amazon took full advantage of that, and we will be calling on the labor board to hold Amazon accountable for its illegal and egregious behavior during the campaign. But make no mistake about it; this still represents an important moment for working people and their voices will be heard.” Amazon could not be reached for immediate comment. The vote itself has garnered national attention, with professional athletes, Hollywood stars and even President Joe Biden weighing in on the side of the union. If the union wins, it would be the first in Amazon’s 26-year history. But the vote also has wide-reaching implications beyond Amazon, which is now the second-largest private employer in the U.S. after retailer Walmart. Also read: Judge says Amazon won’t have to restore Parler web service Whatever the outcome, labor organizers hope Bessemer will inspire thousands of workers nationwide — and not just at Amazon — to consider unionizing. For Amazon, which has more than 950,000 workers in the U.S. and has fought hard against organizing attempts, a union loss could chill similar efforts around the company. The labor board has already reviewed each vote, reading names and signatures on the envelopes with representatives from Amazon and the retail union, both of which had a chance to contest those votes. Contested votes were put to the side and not opened. Now the board is opening the uncontested votes from their envelopes and counting “yes” or “no” votes. Also read: Swallowing $16B purchase of Flipkart, Walmart cuts outlook Even if there’s a clear winner, the battle may be far from over. If workers vote against forming a union, the retail union could file objections accusing Amazon of tainting the election in some way, which could lead to to a redo of the election if the labor board agrees. Amazon could file its own objections if the workers vote to form a union.

First it was toilet paper. Disinfectant wipes. Beans. Coins. Computers. Now, desks are in short supply because of the coronavirus pandemic.

President Donald Trump said he supported a deal that would see popular video-sharing app TikTok partner with Oracle and Walmart and form a US company.

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the global economy, the work place and the spread of the virus.

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus.

The man accused of killing 22 people and wounding two dozen more in a shooting that targeted Mexicans in the border city of El Paso, Texas, has been charged with federal hate crimes.