New York (CNN) — Home Depot said it doesn’t plan to raise prices because of President Donald Trump’s tariffs, breaking with Walmart and other retailers that will pass costs related to the trade war onto consumers.
“Because of our scale, the great partnerships we have with our suppliers and productivity that we continue to drive in our business, we intend to generally maintain our current pricing levels across our portfolio,” finance chief Richard McPhail told CNBCin an interview.
McPhail said the home improvement retailer has diversified where it sources its merchandise and reduced its reliance on China. More than half of Home Depot’s products come from the United States.
But the trade war has begun to hurt Home Depot. Consumer sentiment has plunged near record lows as Americans fear tariffs will reignite inflation and weaken the economy. That, in part, kept some customers away from the home improvement behemoth.
Home Depot reported sluggish earnings Tuesday, weighed down by a weak housing market and consumers taking on fewer large-scale renovation projects. Sales at US stores open for at least one year increased 0.2% last quarter.
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