Walmart and Home Depot break silence after crisis talks with Trump as shoppers fear high prices at checkout
By Josh Cain,
17 days agoMAJOR retailers have spoken out following consumer uncertainty over price hikes.
Store chains including Walmart attempted to quiet tariff fears following a meeting with the White House.
On Monday, President Donald Trump sat down with the CEOs of three major US retailers to talk about how his broad tariff proposals might affect their reliance on imported goods.
Walmart CEO Doug McMillon, Target CEO Brian Cornell, and The Home Depot CEO Ted Decker were all present at the White House meeting.
A Lowe's representative was scheduled to attend, but did not make an appearance, according to CNBC.
After the meeting, the three companies released statements that were nearly identical in tone.
“We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights,” Walmart said in its statement.
“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,” the statement from Target said.
“We had an informative and constructive meeting with the President and look forward to continuing the dialogue,” Home Depot’s statement said.
Bloomberg was the first to report news of the meeting, which had not been listed on Trump’s official schedule.
TARIFF TROUBLE
Tariffs have become another hurdle for retailers in an increasingly volatile economic market.
Shoppers are still reeling from years of inflation and remain desperate to find low prices.
Some businesses, however, will be hit harder than others.
As the most valuable retailer in the US, Walmart's supply chain makes it better insulated than its competitors.
COUNTRIES OF ORIGIN
About two-thirds of Walmart goods are produced in the US, according to Chief Financial Officer John David Rainey, who spoke at an investor event in Dallas, Texas earlier this month.
The remaining third of Walmart’s inventory is imported from countries around the world, with China and Mexico as the retailer’s top international suppliers, according to Rainey.
Target, meanwhile, may be under more pressure.
The Minnesota-based retailer is more reliant on discretionary goods - most of which are sourced from overseas.
Target has experienced slow growth, with annual revenue stagnating over the past four years.
WHAT'S NEXT
For the current fiscal year, the company has forecast just 1% sales growth.
Meanwhile, the National Retail Federation, the industry’s leading trade group, continues to warn about the ripple effects of tariffs on American households.
The organization has published its own cost projections for everyday items including sneakers, toasters, and mattresses.
“More tariffs equal more anxiety and uncertainty for American businesses and consumers,” said David French, NRF’s executive vice president of government relations on the day former President Trump announced his “reciprocal” tariff plan.
That plan has since been revised.
“While leaders in Washington may not care about higher prices, hardworking American families do,” French added.
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