Morning Business Report: Tariffs, travel changes, tech gains, and AI scams

Walmart, says President Donald Trump’s tariffs are “too high” and will force price increases on some items.

(LILAMAX)- Walmart, the world’s largest retailer, says President Donald Trump’s tariffs are “too high” and will force price increases on some items. CEO Doug McMillon pointed to rising costs on electronics and toys due to China tariffs, and said food prices are also going up, driven by tariffs on imports from Costa Rica, Peru, and Colombia. The price hikes are expected to begin later this month.

Delta Air Lines is phasing out its “Basic Economy” label, the no-frills discount fare category. The airline says low-cost options will still exist—but now as a subcategory of its main Delta fares. Industry experts warn the change, which takes effect for flights starting October 1, could cause confusion for travelers.

The S&P 500 closed higher for the fourth straight day, while the Dow surged more than 250 points. Tech stocks have been especially strong this week, fueling much of the momentum.

A government agency is warning that cybercriminals are using AI-generated voice memos to impersonate top U.S. officials. The goal? Gain victims’ trust before accessing personal accounts. Many targets include current or former senior U.S. federal and state officials and their contacts.

Amazon is filling delivery gaps left by UPS by partnering with FedEx. After UPS announced major cutbacks in its delivery volume for Amazon earlier this year, the e-commerce giant struck a deal with FedEx in late February to handle portions of its logistics operations.