Trump Holds Talks With Retailers Like Walmart, Target On Tariffs As Industry Braces For Impact

The retailers, heavily reliant on imports—especially from China—sought clarity on the govt's evolving trade policies and the financial strain new levies may place on both businesses and US households.

According to company data, more than half of the imported merchandise sold by Walmart and Target originates from China, while Home Depot and Lowe’s also source heavily from the country.

Source : Freepik

In a high-stakes meeting held on Monday, US President Donald Trump sat down with executives from some of the nation’s largest retail chains, including Walmart, Target, Home Depot, and Lowe’s, to discuss sweeping tariff measures that could significantly raise consumer prices.

 The retailers, heavily reliant on imports—especially from China—sought clarity on the administration's evolving trade policies and the financial strain new levies may place on both businesses and American households.

Walmart confirmed its CEO Doug McMillon was present at the meeting. "We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights," the company stated, though it did not disclose further details. This engagement marked McMillon's first face-to-face with Trump since the introduction of the president’s "Liberation Day" tariffs.

Earlier this month, McMillon noted that although he had not personally discussed the matter with Trump, other Walmart executives had maintained contact with the administration on trade-related issues, reported Reuters.

Tariffs Fuel Uncertainty as Retailers Brace for Financial Impact

The tariffs under discussion include substantial levies—up to 145 per cent—targeted primarily at China. Analysts warn that such measures could severely erode profit margins for major US retailers. According to company data, more than half of the imported merchandise sold by Walmart and Target originates from China, while Home Depot and Lowe’s also source heavily from the country.

The potential cost implications come at a time when Americans are already grappling with persistent inflation. A Home Depot spokesperson described the meeting as "informative and constructive," while Target, whose CEO Brian Cornell also attended, echoed a similar sentiment, calling it a "productive meeting...to discuss the path forward on trade." 

The economic backdrop remains turbulent. US stock markets declined on Monday, with pressure also felt in the bond and currency markets—both the benchmark 10-year Treasury yield and the dollar slipped. The volatility followed Trump’s April 2 announcement of wide-ranging tariffs against dozens of nations. While most duties were temporarily suspended for 90 days, China remained the exception, facing the harshest penalties.

The situation has already affected investor sentiment. Walmart shares are up less than 2 per cent in 2025, while Home Depot, Lowe’s, and Target have recorded steep declines. Target, in particular, has suffered a 32 per cent drop in value so far this year.