The Big Story 

The retail giant said it plans to raise prices this month and early this summer, passing along some of the cost as tariff-affected merchandise hits store shelves. 

© The Associated Press

“The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history,” Walmart Chief Financial Officer John David Rainey told The Wall Street Journal.

Walmart also announced its profits slipped in the first quarter of the year, to $4.45 billion or 56 cents per share, from $5.10 billion or 63 cents per share, The Associated Press noted.

It did not issue a profit outlook, given the uncertainty surrounding Trump’s tariff regime, joining a number of other companies that have taken the same stance.

Walmart sells all kinds of low-cost household goods and apparel that could be hammered by Trump’s tariffs.

The Trump administration this week made a significant pivot with one of the largest U.S. trade partners, China, which has factories that produce a number of products found on U.S. shelves.

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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads 

Key business and economic news with implications this week and beyond:

Lummis believes senators have reached deal on stablecoin bill, expects votes next week 

Coinbase: Cyber crooks stole customer data, demanded $20M ransom

Debt shifts: Credit cards, auto loans cool while student loans heat up

Wholesale prices fell off a cliff in April amid trade war

Tax Watch 

Trump tax cuts on thin ice ahead of key vote

A key committee vote for the Republican package full of President Trump’s legislative priorities scheduled for Friday could be punted to next week as hardliners on the panel threaten to block the legislation.

“I haven’t given up yet. But there are concerns about having to get more information, which would potentially delay this to next week, so we’ll see,” House Budget Committee Chair Jodey Arrington (R-Texas) said Thursday.

The possible delay comes after a wave of hardliners on the panel — Reps. Chip Roy (R-Texas), Ralph Norman (R-S.C.), and Rep. Andrew Clyde (R-Ga.) — said they planned to vote against advancing the GOP’s megabill in its current form in a meeting scheduled for Friday.

The defections would be enough to stop it from moving forward, and several other hardline conservative members on the panel also said they were undecided or expressed reservations about the bill.

Read more here.

Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip

The Ticker 

Upcoming news themes and events we’re watching:

In Other News 

Branch out with more stories from the day:

More than 2,000 Starbucks baristas go on strike to protest new dress code

A strike by Starbucks baristas protesting the company’s new dress code grew Thursday. More than …

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Good to Know 

Business and economic news we’ve flagged from other outlets:

What Others are Reading 

Top stories on The Hill right now:

5 takeaways from birthright citizenship argument at Supreme Court

The Supreme Court mulled whether judges should be allowed to extend injunctive relief to the entire country in a lively argument Thursday stemming from President Trump’s efforts to narrow birthright citizenship.   Read more

Trump megabill on thin ice ahead of key vote

A key committee vote for the Republican package full of President Trump’s legislative priorities scheduled for Friday could be punted to next week as hardliners on the panel threaten to block the legislation. Read more

What People Think 

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