Trump slams Walmart over price hikes, tells company, China to ‘eat the tariffs’

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. 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!!!” Trump wrote on Truth Social.

His comments followed a statement from Walmart this week saying that tariffs implemented under the Trump administration would require them to raise prices. Walmart CFO John David Rainey told CNBC on Thursday that the company was facing an unusually rapid increase in costs.

“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.

Rainey acknowledged progress by the Trump administration in reducing tariffs from the levels announced in April but said “they’re still too high.” He added that Walmart would absorb some of the costs to stay competitive and was working with suppliers to do the same.

Rainey warned that price changes at Walmart will most likely take effect by the end of May. He also told CNBC that prices will increase “much more” in June.

Walmart CEO Douglas McMillon said in an earnings call on Thursday that the company will do its best to keep prices as low as possible, however, it is unable to absorb all the pressure “given the reality of narrow retail margins.” The company reiterated this in a statement on Saturday in response to Trump’s social media post.

"We have always worked to keep our prices as low as possible and we won’t stop,” Walmart stated. “We’ll keep prices as low as we can for as long as we can given the reality of small retail margins.”