Trump meets with US retailers to discuss tariffs

U.S. President Donald Trump met with major retailers, including Walmart, Home Depot, Lowe’s, and Target on Monday to discuss broad-based tariffs likely to raise the cost of everyday goods that they import.

Big U.S. chains, like Walmart and Target, rely heavily on imported goods, and tariffs — including 145% levies on China — are expected to add strain on Americans already burdened by prolonged inflation.

“We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights,” a Walmart spokesperson said in a statement, without elaborating. The retailer previously said its CEO, Doug McMillon, would be in attendance.

This marks McMillon’s first meeting with Trump since the introduction of the president’s “Liberation Day” tariffs. Earlier in April, McMillon said the two had not personally discussed tariffs, although other members of Walmart’s leadership had been in regular contact with his administration.

Trump’s erratic tariff policies have sent ripples across numerous industries and roiled U.S. stock markets for weeks. More recently he has expressed anger at remarks from Federal Reserve Chairman Jerome Powell, who said last week the economy was at risk from both lower growth and higher inflation.

U.S. markets sold off on Monday, while the benchmark 10-year Treasury note and the U.S. dollar also came under pressure.

He announced sweeping tariffs on dozens of countries on April 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.

A Home Depot spokesperson characterized the meeting as “informative and constructive.” A Target representative said its CEO Brian Cornell was in attendance at the “productive meeting…to discuss the path forward on trade.”

Lowe’s did not immediately respond to a request 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% in 2025, while the others have all posted double-digit losses. Target has been hit hardest, down 32% so far this year.

Bloomberg first reported on the details of the meeting on Monday.