President Donald Trump blasted Walmart on Saturday after the retailer warned this week that it will raise prices because of tariffs.
“Between Walmart and China they should, as is said, “EAT THE TARIFFS,” and not charge valued customers ANYTHING,” Trump wrote on Truth Social. “I’ll be watching, and so will your customers!!!”
Walmart CFO John David Rainey said in an interview on Thursday that “We have not seen price increases at this magnitude, in the speed in which they’re coming at us before, and so it makes for a challenging environment.”
Rainey said he is “pleased with the progress that’s been made by the [Trump] administration on tariffs from the levels that were announced in early April, but they’re still too high.” That was despite a 90-day reprieve that lowered duties on Chinese imports to 30%. Goods from dozens of other countries face 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.
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