Trump warns Walmart not to raise prices, telling companies to "eat tariffs"

President Trump broke into Wal-Mart and said on social media on Saturday that retail giants should "eat tariffs" rather than blame their government-imposed imports on their price increases.

Walmart warns Thursday Despite higher tariffs in China, everything from bananas to child car seats is likely to rise.

“We have control over what we can control,” Walmart CEO Doug McMillon said on Thursday’s first-quarter earnings call, adding: “Even at lower levels, higher tariffs can lead to higher prices.”

Price increases are expected to take effect later this month.

Mr. Trump raised import taxes, trying to ensure a skeptical public that foreign producers would pay, and retailers and automakers would absorb additional fees.

In Sunday's Truth Social Job, the president slammed Walmart at Walmart, which employs about 1.6 million people in the U.S. - and said the company should sacrifice its profits for its economic agenda. Mr Trump said his economic plan will eventually lead to more domestic jobs in manufacturing.

"Walmart should stop trying to blame tariffs, which is why the entire chain raises prices," Trump said. "Last year Walmart made billions of dollars, far exceeding expectations. It should be said between Walmart and China: "Eat tariffs" and do not charge valuable customers.

A Walmart spokesman told CBS News on Saturday that it has been working to keep prices as low as possible, "we won't stop."

"We will keep the lowest level as long as we can give small retail margins in reality," the spokesperson said.

The threat from the Republican president reflects the increasingly awkward choices faced by many major U.S. companies, from worsening sales to the possibility of Mr. Trump’s anger. Mr. Trump also warned domestic automakers not to raise prices, although external analysis showed that his tariffs would increase production costs.

In April, McMillon was one of retail executives who met with Mr. Trump at the White House to discuss tariffs and potential negative outcomes. But despite warnings, the Trump administration is still moving forward and attacking other companies, such as Amazon and Apple, that are struggling with supply chain disruptions.

Walmart Chief Financial Officer John David Rainey said he believes the $350 car seats made in China will soon increase by $100, with a 29% increase in price.

"We keep the price low on wired, but there are restrictions we can afford or any retailer," he told the Associated Press after strong first-quarter sales on Thursday.

Many U.S. companies either cut or After the tariffs, they raised their full-year expectationsas consumers reduce spending.

The government recently reduced its 145% Chinese tariffs to 30% in 90 days. Trump imposes as much as 25% tariffs on Mexico and Canada due to illegal immigration and drug trafficking, hurting relations with the two largest trading partners of the United States.

Trump promised a trade deal in the coming weeks while insisting that he intends to use tariffs as a source of income, so most countries have a 10% universal benchmark tariff of 10%. The framework agreement with the UK will maintain a 10% tariff rate to a large extent.

Trump also imposes import taxes on automobiles, steel and aluminum, and plans to impose such import taxes on products such as medicines.