Retail Execs Meet With President Trump to Discuss Tariffs

President Donald Trump on Monday met with chief executives from three of the nation’s top retailers, who came to the White House to discuss how his sweeping tariff plans could impact their import-heavy business models, reports CNBC. Walmart CEO Doug McMillon, Target CEO Brian Cornell, and The Home Depot CEO Ted Decker were in attendance to discuss the broad-based tariffs likely to raise the cost of everyday goods that they import. Reportedly, although invited, no one from Lowe's attended the meeting.

Big U.S. retail chains, like Walmart and Target, rely heavily on imported goods, and tariffs — including 145 percent levies on China — are expected to add strain on Americans already burdened by prolonged inflation, reports Reuters. Trump's erratic tariff policies have sent ripples across numerous industries and roiled U.S. stock markets for weeks. 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.

Total Retail's Take: After the meeting with Trump, the three companies issued nearly identical statements. "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. A Home Depot spokesperson characterized the meeting as "informative and constructive" and the company looks forward to continuing the dialogue. Target said the group had a "productive meeting … to discuss the path forward on trade, and we remain committed to delivering value for American consumers."

Tariffs are the latest threat to an already challenging economic landscape, but not all retail businesses will be impacted equally. Those with stronger footholds in American manufacturing have the upper hand. Walmart is in a better position than many of its competitors, as about two-thirds of what Walmart sells in the United States is made, grown or assembled domestically. The final one-third is imported from around the globe, most significantly from China and Mexico. Target, on the other hand, is in a tougher spot, according to CNBC. Its products are typically manufactured overseas.

It's unclear what exactly was discussed between President Trump and the group of big-box retail executives, or if there will be any changes to the tariffs as a result. Earlier this month, Trump exempted smartphones, computers, and other tech devices and components from his reciprocal tariffs after the move threatened to take a toll on tech giants like Apple, which makes iPhones and most of its other products in China.