Walmart executives said the company is taking steps to limit the impact on consumers by working with suppliers to shift sourcing, substitute materials, and adjust product mixes. Still, they said some price increases are likely unavoidable.
"We're positioned to manage the cost pressure from tariffs as well or better than anyone," McMillon said on Thursday's earnings call. "But even at the reduced levels, the higher tariffs will result in higher prices."
Trump's comment on Walmart comes on the heels of a separate episode involving Amazon, which had reportedly considered displaying the tariff impact on product prices. The White House criticized the alleged plan as a "hostile and political act," with press secretary Karoline Leavitt accusing Amazon of targeting the administration while turning a blind eye to inflation under President Joe Biden. She also alleged ties between the company and Chinese propaganda outlets. Amazon denied the reports, and Trump later praised Amazon Executive Chairman Jeff Bezos for "doing the right thing."
Since taking office, Trump has pursued an expansive tariff policy aimed at reshaping global trade relationships. The administration says the tariffs are necessary to level the playing field after years of trade imbalances and unfair practices by other countries.