Walmart, the country’s largest retailer, is at the center of a growing standoff with President Donald Trump over new tariffs — and it could end up costing you more at checkout. Despite Trump’s public warnings not to raise prices, Walmart is signaling that some costs may inevitably fall on shoppers.
A private call, a public concern
U.S. Treasury Secretary Scott Bessent said on Sunday that he spoke directly with Walmart CEO Doug McMillon about the possible impact of Trump’s latest round of tariffs. Trump had publicly warned the company not to increase prices, posting on social media that “consumers will be watching” and that he would be “paying close attention” to any price hikes.
Still, Bessent acknowledged that while Walmart plans to absorb some of the new costs, “it’s possible some will be passed on to consumers.” In other words, you might soon notice higher prices on certain everyday items.
What products could be affected
Though Walmart hasn’t published a specific list of affected goods, past tariff rounds offer some clues. You could see price hikes in categories such as
- Electronics (like TVs and laptops)
- Clothing and footwear
- Household goods and kitchenware
- Toys and sporting equipment
- Groceries with imported ingredients
Chief Financial Officer John David Rainey made it clear: “We’re designed to keep prices low, but there’s only so much any retailer can handle.”
Why Walmart is sounding the alarm
According to Bessent, the retailer’s recent price warnings were partly due to regulatory requirements. During Walmart’s earnings call, executives had to present a “worst-case scenario” so they wouldn’t face legal problems later. That explanation, he said, should ease fears about widespread inflation.
But internally, Walmart has been noticing changes. Price increases reportedly started showing up in late April and accelerated through May, before the most recent tariffs even kicked in. If you’ve noticed your receipt creeping up, you’re not imagining things.
Fuel prices drop — But not enough to offset tariffs
Bessent also tried to calm concerns by pointing to lower gas prices. Currently, the national average for a gallon of gas is $3.18 — cheaper than last year, although it has ticked up slightly in recent days. Still, savings at the pump may not be enough to balance out rising prices in the store.
Trump’s trade tactics: Strategy or gamble?
The tariffs are part of Trump’s broader effort to use economic pressure as a tool in trade negotiations, especially with China. Currently, the U.S. is renegotiating tariffs with 40 countries and is in a 90-day negotiation window with China. As a goodwill gesture, tariffs on Chinese goods were temporarily slashed from 145% to 30%.
Bessent defended Trump’s approach, saying the uncertainty is “part of the leverage.” But for now, the uncertainty could mean higher prices for your next Walmart run.
