Trump’s proposed tax cuts are expected to be among the largest in U.S. history.
But they’re also expected to hit the biggest retailers, including many of the nation’s biggest brands, including Kroger, Costco and Wal-Mart.
The cuts would affect all U.K.-based companies that sell food, clothing, furniture, and consumer goods.
They also would affect the entire grocery industry, including those that sell frozen food, juice and milk products.
“The big takeaway here is the impact on retailers, particularly those who sell groceries,” said Mike Fuhrman, a senior fellow at the Center for American Progress, a left-leaning think tank.
“The big question is whether this is going to cause grocery sales to suffer.”
Kroger said in a statement that it was working with the Trump administration “to ensure that our operations are able to continue to function, and to support the President’s commitment to helping U.T.O.s grow and thrive.”
“We have been working closely with the Administration on the details of these proposed tax breaks, and we are committed to making our operations more efficient and responsive to market conditions,” the statement continued.
“These proposed tax reductions are not expected to have a material impact on our operations.”
Consumers are already paying more for groceries in the U.k., with the average price per gallon going up by almost 7 percent in 2018 compared to 2017, according to a study by the National Retail Federation.
The average price of groceries in 2019 is forecast to be $3.85, according the report.
Wal-Mart said it would support the Trump tax plan, and said it “will continue to work with the government and our government partners on the tax reforms.”
“Our stores are already serving consumers well, and as the President said, it’s a win-win situation,” Wal-Marts spokeswoman Amanda Bickman said.
“As we continue to offer our customers more choices, we will continue to keep our doors open and serve our customers with quality food, fresh produce and a full assortment of products.”
Wal-Marks is a large chain of more than 50 stores that operates in more than 80 countries.
Costco is the largest grocery chain in the United States, with more than 6 million stores, according in its 2017 annual report.