President Trump said Monday that retailer Walmart will lower prices on many of its products, including the cost of beef, after his administration requested price drops to coincide with the nation’s 250th anniversary.
Mr. Trump said Walmart is “stepping up in a big and bold way.”
“This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic company who loves the U.S.A,” Mr. Trump wrote on Truth Social.
Walmart issued a statement saying it was lowering prices on thousands of goods, including groceries, household essentials, outdoor living, toys, and apparel. Prices will be cut at both Walmart and Sam’s Club, a membership-only wholesale retailer.
The Bentonville, Arkansas company said it is reducing the price of several products, including one pound of ground beef to $5.94 from $6.74, a roughly 12% drop; a 2.25 bag of fresh red cherries from $11.18 to $5.63, a 49% price cut and 24-packs of Coca-Cola products from $14.97 to $9.97, a 33% decrease.
Walmart did not say if the price cuts were made at the behest of Mr. Trump, as he said in his social media post.
Mr. Trump has been seeking to boost his party’s message about the high cost-of-living. Inflation, which was nearing the Federal Reserve target of 2% earlier this year, has surged in recent months because of the war with Iran. Consumer prices rose 4.2% year-over-year in May, the highest increase in more than three years.
Gas prices are starting to decline, but remain elevated compared to the same period last year. As of Monday evening, the average price of a gallon of gas in the U.S. is $3.79, according to AAA. That’s a drop from $3.86 per gallon last week, but more than $0.50 ahead of the $3.14 per gallon it was on during the same day last year.
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