Trump says tariffs are a 'tax on foreign countries.' The world's largest retailer says Americans will pay more.

Numerous major U.S. corporations addressed tariffs at recent investor events and on conference calls, including some after the Nov. 5 election, when Trump edged out sitting Vice President Kamala Harris.

Walmart is the latest company to signal price hikes may be on the way if Donald Trump makes good on his tariffs promise.

National Retail Federation CEO Matthew Shay described across-the-board tariffs as “a tax on American families.”

Donald Trump’s proposed tariffs on goods could upend international trade and threaten higher inflationary pressures, the Bundesbank’s president said.

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.