President Donald Trump blasted Walmart on Saturday after the retailer warned this week that it will raise prices because of tariffs.
President Trump has expressed his opinion on Truth Social, stating that both Walmart and China should “EAT THE TARIFFS,” implying that they should absorb the costs without passing them on to customers. He added that he and consumers will be monitoring the situation closely.
On Thursday, Walmart’s CFO, John David Rainey, commented in an interview that the current rate and rapidity of price increases are unprecedented, creating a difficult business environment.
Rainey acknowledged some satisfaction with the progress made by the Trump administration in reducing tariff levels from those announced in early April, although he still considers them excessively high. Despite a 90-day grace period that brought tariffs on Chinese goods down to 30%, imports from numerous other countries still encounter a 10% duty.
He said the company will “try to work with suppliers to keep prices as low as we can.”
Walmart didn’t immediately comment on Trump’s post.
Walmart joined a growing number of companies that have increased prices or warned that higher prices are coming due to tariffs. Microsoft said earlier this month that it has increased the recommended retail prices of Xbox video game consoles and some controllers.
Barbie maker Mattel announced earlier this month it is moving production out of China, but still expected to have price increases its toys. And Ford warned last week it would have to raise prices on some cars.
Major U.S. retailers, including Target, Home Depot and Lowe’s, are expected to share their own outlooks on the impact of tariffs when they report results next week.
Shares of Walmart ended 2% higher on Friday at $98.24.
This is a developing story. Please check back for updates.
