“We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” Walmart CEO Douglas McMillon said Thursday in an earnings call.

Walmart told CNN in a statement Saturday:

“We have always worked to keep our prices as low as possible and we won’t stop. We’ll keep prices as low as we can for as long as we can given the reality of small retail margins,”

Price changes at Walmart will likely take effect by the end of May and prices will increase “much more” in June, the company’s finance chief, John David Rainey

Walmart’s CEO said the price increases were a result of Trump’s tariffs being “too high,” particularly when it came to Chinese goods.

President Donald Trump on Saturday said Walmart needs to stop “trying to blame tariffs” after the retail giant announced its products would become more expensive.

Trump responded on Saturday, posting to Truth Social that “Between Walmart and China they should, as is said ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!”

Trump’s comments echoed Commerce Secretary Howard Lutnick’s comments Sunday on CNN’s “State of the Union” that “businesses and the countries primarily eat the tariff.” Former Treasury Secretary Larry Summers has called such theories “ludicrous.”

Jeff