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Walmart confirmed to CNBC it has sought a tariff refund and plans to use any money it receives back to invest in lower prices for shoppers.
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Memorial Day Travel Forecast: Gas Prices, Traffic and Flights The New York TimesIran war leaves U.S. gas prices at highest levels in nearly four years ahead of Memorial Day CNBCRecord Memorial Day traffic expected as drivers warned about worst times to travel Fox NewsDrivers are seeing sticker shock ahead of Memorial Day travel Axios
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Consumers are increasingly feeling the pressure of stubbornly high inflation, particularly as the continuation of the Iran war has kept oil and gas prices at historically high levels.
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Asian Stocks to Rise on Optimism Over Iran Talks: Markets Wrap Bloomberg.comStocks climb, dollar near six-week high amid Iran talks uncertainty ReutersWorld shares track Wall Street gains and oil prices climb on uncertainty over the Iran war Pittsburgh Post-GazetteAsia-Pacific markets trade higher as investors assess U.S.-Iran peace deal diplomacy CNBC
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Last year, E.l.f. Beauty confidently raised prices by $1 to offset tariffs. Now, a sudden drop in sales is forcing the company to make a strategic reversal.
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The nation's largest retailer reported a rise in sales, but consumers are seeking out low-price items and cutting back in some categories, a potentially worrying sign for the U.S. economy.
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The retailers reported increases in sales, even as higher fuel costs drove up the cost of everyday goods.
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Physical supplies of oil through the Strait of Hormuz are 95% below regular levels.
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Now that the U.S. government must refund most tariffs, Walmart says it might put its refund money toward lowering store prices. Executives say the cost of gas has shoppers increasingly under stress.
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