Home Depot Announces Major Decision on Raising Prices

While major retailers get set to hike prices thanks to the initiation of new tariffs, Home Depot continues to hand out good news to customers.

Earlier this year, Home Depot revealed an expansion of its partnership with the Army & Air Force Exchange Service and the Navy Exchange Service Command to offer tax-free shopping for more than 34 million eligible service members. 

Specific products like power tool sets, outdoor power equipment, grills, garden tools, ceiling fans and much more are now available as part of the program in addition to popular major appliances, such as washers, dryers, refrigerators, ovens and dishwashers.

But the beloved hardware company wasn't done announcing good news for customers. On May 20, Home Depot Chief Financial Officer Richard McPhail told CNBC the company won't be raising prices to deal with tariffs.

“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,” he said.

The decision comes not long after Walmart Chief Financial Officer John David Rainey suggested price hikes were in the future. 

“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” he said. “It’s more than any supplier can absorb. And so I’m concerned that consumer is going to start seeing higher prices. You’ll begin to see that, likely towards the tail end of this month, and then certainly much more in June.”

According to comments from McPhail, more than half of what Home Depot sells comes from the United States. He revealed the company and its suppliers have worked to diversify the source of the company’s imports over the past several years, including by decreasing the share of purchases that come from China.

Related: Popular Retail Chain Back After Collapsing Nearly 20 Years Ago