President Donald Trump publicly fumed at Walmart on Saturday over a problem he started, ranting on social media after the retail giant announced impending higher prices as a result of the president’s steep international tariffs policy.
Walmart’s chief financial officer John David Rainey told CNBC in an interview published Thursday that Trump’s levies against China are “still too high,” even after the administration announced an agreement Monday to lower duties on Chinese imports from 145% to 30% for 90 days.
“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Rainey told the outlet. “It’s more than any supplier can absorb. And so I’m concerned that [the] consumer is going to start seeing higher prices.”
While the specifics remain unclear, he noted prices will be “certainly much more in June.”
CEO Douglas McMillon made similar remarks during a Thursday earnings call.
“We will do our best to keep our prices as low as possible,” he said during the call, per CNN. “But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.”
On Saturday, Trump railed against Walmart’s probable price increases on his Truth Social platform.
“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” he wrote. “Walmart made BILLIONS OF DOLLARS last year, far more than expected.”
He continued, “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”
The president has lauded his policy as a just crusade to revive American manufacturing, while economists warn it could spark a global recession, or worse. Trump first announced broad levies on what he called “Liberation Day” on April 2, sparking massive upheaval in the markets.
Trump said on the campaign trail last year that “tariff” is “the most beautiful word in the dictionary.” In an executive order issued on his first day back in office this year, he ordered his cabinet picks to prepare new tariffs for his administration to impose.
