Wal-Mart is no longer the world’s largest retailer…
The International Business Times reports Chinese e-commerce giant Alibaba’s 2015 revenue will total $489.4 billion. That beats Wal-Mart’s $482.1 billion total haul.
Even more impressive, it took Alibaba just 17 years to reach the top of world retail sales.
The milestone follows another recent disappointment for Wal-Mart. 2015 revenues shrank. It’s the first time in company history (45 years since going public) revenues were less than the year before.
We have no doubt Wal-Mart will recover its “mojo” after it adapts its business model to the “post-brick-and-mortar” world. It’s still one of the all-time strongest businesses on Earth.
What’s more interesting are the geopolitical ramifications of Alibaba’s triumph…
Alibaba accounts for at least 60% of all parcels delivered in China (according to 2013 data, the most recent available). But as we noted Tuesday, China starts its new foreign “parcel tax” today.
All overseas products shipped through the mail—including American goods—are now subject to 9-17% import taxes. The Chinese government is using these tariffs to protect domestic industry and employment.
It’s China’s first volley in a new trade war between China and the U.S. All U.S. goods shipped through the mail to China are now 9-17% more expensive to Chinese consumers, overnight.
It follows a U.S. tax of 266% on some Chinese steel imports enacted last month. Washington accused Beijing of dumping its excess steel—thanks to slumping domestic demand—on world markets, under cost.
Bottom line: American politicians will use Alibaba’s triumph over Wal-Mart—along with the new import parcel tax—to drum up support for new “retaliatory” tariffs on China. Don’t fall for it. Trade wars bring us one step closer to real wars…
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