Tariffs are going to be inflationary, there’s no disputing that,” Walmart finance chief John David Rainey told Fox News on Thursday. That’s not the message the Trump campaign took to the nation during the 2024 election race,

Walmart had a better-than-expected third quarter, but consumers might not reap the benefits of that for long if President-elect Trump's threatened tariffs on imports come to pass. Trump said during his campaign that he plans on imposing a 10% to 20% tariff on imports in general,

TJX Companies CEO Ernie Herrman said during an earnings call that the company could benefit from President-elect Trump's proposed tariffs on imported goods.

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.

National Retail Federation CEO Matthew Shay described across-the-board tariffs as “a tax on American families.”

Our model is everyday low prices,” CFO John David Rainey said. “But there probably will be cases where prices will go up for consumers.”

Walmart has expressed concerns about the potential economic consequences of the tariffs proposed by President-elect Donald Trump.

ECP Asset Management Portfolio Manager Andrew Dale says there will be “upwards pressure” on pricing with Donald Trump’s tariff plans.