The CEOs of Walmart, Target, and Home Depot – the nation’s largest retailers – warned President Donald Trump during a closed-door meeting Monday at the White House that his tariff policy could disrupt supply chains and lead to empty shelves in the near future.
Multiple media outlets, including CBS News and Axios, reported Wednesday about the meeting, citing unnamed White House sources familiar with the gathering.
“The big box CEOs flat-out told him the prices aren’t going up, they’re steady right now, but they will go up,” an administration official familiar with the meeting told Axios. “And this wasn’t about food. But he was told that shelves will be empty.”
Another official briefed on the meeting told Axios the CEOs told Trump that disruptions could become noticeable in two weeks.
Trump earlier this month announced sweeping reciprocal tariffs on U.S. trading partners and then ordered a 90-day pause, excluding China, which is facing elevated 145% tariffs on imports. A baseline 10% tariff on all foreign imports is in place, as well as a 25% tariff on steel and aluminum imports. Canada and Mexico also have separate tariffs on some goods to pressure them to crack down on fentanyl trafficking and illegal immigration.
The Trump administration is using the pause to negotiate individual trade deals, and White House press secretary Karoline Leavitt told reporters Tuesday that the U.S. has received 18 trade proposals from other countries and that a total of 100 nations are seeking to reach deals with the U.S.
But the tariffs have rattled financial markets with concerns about rising consumer prices, slower economic growth, and supply chain shortages. The administration reportedly has considered forming a working group to manage any strains on supply chains caused by the tariffs on China, and Trump appears to be softening his tone regarding trade with Beijing.
Target and Walmart declined to comment to CBS News on the warnings, but they issued statements about the White House meeting.
“We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights,” Walmart said in a statement, according to CBS News.
Target similarly stated, “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.”
In an email to Newsmax, a Home Depot spokesperson wrote, “We had an informative and constructive meeting with the President and look forward to continuing the dialogue.”
Target and Walmart executives had publicly warned that Trump’s tariffs could lead to higher prices. Weeks after Trump’s election victory in November, Walmart Chief Financial Officer John David Rainey told CNBC: “We never want to raise prices” but “there probably will be cases where prices will go up for consumers.”
Last month, Target CEO Brian Cornell told CNBC: “The consumer will likely see price increases over the next couple of days” from tariffs planned on imports from Mexico, noting Target heavily relies on Mexican produce to stock its grocery shelves in the winter.
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