Top executives from some of America’s largest retail chains have reportedly delivered a stark warning to President Donald Trump, cautioning that his aggressive tariff policy could soon lead to higher prices and widespread supply chain disruptions.
According to a new report by Axios, CEOs from Walmart, Target, and Home Depot met with Trump on Monday and raised serious concerns about the potential fallout from his trade war with China and new tariffs imposed on a broad range of imports.
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“The big box CEOs flat out told him [Trump] the prices aren’t going up, they’re steady right now, but they will go up. And this wasn’t about food. But he was told that shelves will be empty,” an administration official familiar with the meeting told Axios.
Another insider added that the effects of these disruptions could begin to materialize within just two weeks. Publicly, the tone from the companies was more diplomatic. “We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights,” Walmart said in a statement following the meeting.
Target echoed the sentiment, saying, “We had a productive meeting with President Trump and our retail peers to discuss the path forward on trade, and we remain committed to delivering value for American consumers.” Despite the measured public statements, the warnings come amid growing anxiety in the retail industry.
Both Walmart and Target have previously warned that tariffs would inevitably lead to increased costs for consumers. Even before Trump took office, Walmart CFO John David Rainey noted the risks. “We never want to raise prices,” he told CNBC, “but there probably will be cases where prices will go up for consumers.”
Target CEO Brian Cornell expressed similar concerns just last month. “The consumer will likely see price increases over the next couple of days” as a result of tariffs placed on imports from Mexico, he said, noting Target’s reliance on those imports, especially for its grocery division.
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Trump’s current tariff policy includes a sweeping 145% tariff on Chinese goods and a blanket 10% tariff on imports from other countries. Earlier this month, the administration announced a range of “reciprocal tariffs” against numerous trade partners, though those measures were soon paused.
Following the meeting with retail executives, the White House appeared to slightly ease its stance. Treasury Secretary Scott Bessent indicated that new trade talks with China may be on the horizon.
Meanwhile, Trump also struck a more conciliatory tone on monetary policy, saying Tuesday that he had “no intention” of firing Federal Reserve Chair Jerome Powell, despite earlier suggestions from his top advisers that such a move was under review.
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