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Katherine Ross: Walmart released an earnings beat and raise its guidance for 2019. Can the strong consumer withstand the trade war?

Michael Reynolds : So I think we saw in the Q2-GDP report, that the consumers driving forward this economic expansion at this point, helping to withstand some of the weakness we've seen in the manufacturing economy. And we see the retail sales report this week or today actually, that, you know, we're beating expectations on that front. And, if we look at the structure of tariffs so far, instead of everything going into place on September 1st, the Trump administration is now announced that some of these bigger ticket items are actually going to face tariffs later this year. This matters because some of the biggest consumer events actually happened toward the end of this year. We're talking black Friday, Christmas sales. And those companies that are importing those goods are sort of getting their inventory on before the tariffs come into effect. And you know, this can help keep costs lower through that big, again, one of the bigger events for the year here. So I think the consumer is, you know, relatively healthy at this point, driving forward this record, economic expansion, and we expect to continue to see them to do so.

Will the delay of some tariffs help the consumers?

Michael Reynolds, investment strategy officer at Glenmede, sat down with TheStreet to talk about the strength of the consumer.

After posting earnings that beat and raising guidance, Real Money Stock of the Day Walmart (WMT - Get Report) impressed a beaten down Wall Street. 

When asked whether or not the delay of tariffs on major items such as tech items would help consumers withstand a trade war that could escalate, Reynolds responded:

"So I think we saw in the Q2 GDP report, that the consumers driving forward this economic expansion at this point, helping to withstand some of the weakness we've seen in the manufacturing economy. And we see the retail sales report this week or today actually, that, you know, we're beating expectations on that front. And, if we look at the structure of tariffs so far, instead of everything going into place on September 1st, the Trump administration is now announced that some of these bigger ticket items are actually going to face tariffs later this year," he said.

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Editor's Note: This video has been updated to reflect Glenmede's name.