Trump to meet major retailers to discuss tariffs, White House official says

Walmart confirms that CEO Doug McMillon will be at the meeting

The logo of Walmart is seen on a pole outside a store in Mexico City, Mexico Jun 14, 2024. REUTERS/Henry Romero

US President Donald Trump is set to meet with representatives from major retailers on Monday afternoon to discuss the effects of broad-based tariffs on their businesses, a White House official said.

The official, speaking on the condition of anonymity, confirmed a Bloomberg report that said the meeting at the White House will include representatives from Walmart, Home Depot, Lowe's and Target Big US retailers, particularly Walmart and Target, import a high percentage of their goods from overseas, and the tariffs - including 145 percent levies on China - are expected to boost the cost for everyday consumer goods for Americans in coming months.

Walmart confirmed that CEO Doug McMillon would be at the meeting.

Trump's tariff policies have sent ripples across numerous industries and exerted pressure on US stock markets that have been roiled for weeks by his erratic moves. More recently he has expressed anger at remarks from Federal Reserve Chairman Jay Powell, who said last week that the economy was at risk from both lower growth and higher inflation. US markets sold off on Monday, with the S&P 500 index down more than 3%, while the benchmark 10-year Treasury note and the US dollar also came under pressure.

He announced sweeping tariffs on dozens of countries on Apr 2, before pausing the duties for a 90-day period - except those on China, singling out the world's second largest economy for the biggest levies.

Home Depot, Lowe's and Target did not immediately respond to requests for comment.

More than half of Walmart and Target's imports are from China, according to company figures, while both Home Depot and Lowe's also import from that nation.

Analysts are concerned that these retailers would see a substantial hit to their profit margins as a result of tariffs.

Walmart shares are up less than 2 percent in 2025, while the others have all posted double-digit losses. Target has been hit hardest, down 32 percent so far this year.