last month, Walmart How much has been downplayed by President Donald Trump Tariffs can affect business in front of a large number of investors. CEO Doug McMillon points to other challenging times The company’s weathering (like the consequences of 9/11), the CEO of its international business did not even propose trade in a panel discussion with global business leaders.

The largest retailer in the United States had a very different tone on Thursday. Interviews on its revenue call and CNBC, interviews on its quarterly results, The company warns that higher tariffs on imports will soon mean higher prices for its shoppers.

"We are happy with the progress made by the (Trump) administration with the tariffs announced in early April, but they are still too high," CFO John David Rainey told CNBC in an interview.

He added that Walmart “is low prices every day, but these increases are more than any retailer can absorb.”

Intraday rhetoric takes risks considering Trump’s history of publicly attacking other companies or people believed to be against his agenda. Sure enough, he slammed Walmart in a social media post on the weekend and told the company to "eat tariffs."

Walmart's shift in the impact of tariffs and the impact of back and forth with the White House is a subtle dance of business leaders trying to appease customers, shareholders and the infamous dealings of the White House, a business that Trump's ever-changing trade policy. But the plate’s outspoken response also highlights an area that makes company leaders increasingly willing to publicly criticize Trump’s policy stance.

“Tariffs are really the only topic of very silent company engagement,” said Joanna Piacenza, vice president of Gravity Research, a Washington, D.C.-based company. “It’s a question and CEOs feel comfortable because they tie it to business issues. It’s not necessarily a statement about other polarization issues that dominate the spirit of the times right now.”

Walmart responded to Trump with its own statement, which echoed the promise to maintain a low price.

“We’ve been trying to keep prices as low as possible and we won’t stop,” Walmart said. “As long as we can bring the reality of smaller retail margins, we’ll be as low as possible.”

Walmart declined to comment. Sources close to the company said Walmart’s decision to warn of higher prices was facilitated by the obligation to explain to customers and investors that prices would rise.

Although Walmart's price has attracted attention due to its huge impact, it is not alone: ​​Other companies, including Microsoft and Subaru, have warned of tariff-related price increases. But on Tuesday, this pattern at Home Depot broke down, and as its chief financial officer Richard McPhail said the company plans to "usually maintain our current pricing levels in the portfolio."

Consumers and investors will have a clearer understanding of how to handle the company’s prices in the coming days, because Target and laborAmong other things, first-quarter results will be released.

When Trump was ready to take office, the business community welcomed him by contributing a record $239 million in defaults to his inaugural committee. The funds include donations from the National Retail Federation, industry lobbying sectors and big giant goals, which contributed to the inauguration committee for the first time in at least a decade. NRF donated $250,000 to the fund, while Target wrote a check for $1 million.

Walmart also donated $150,000 to the Trump Inauguration Committee, consistent with retailers donations at the past three presidential inaugurations, including former President Joe Biden's first in 2021 and 2017.

Walmart, Target and other companies also follow Trump's lead to retreat or cancel major diversity, equity and inclusion programs. Hopefully Trump can cut taxes, businesses remain silent about the president's policies in the first two months of the administration.

But then the tariffs came. In the post-April 9 U.S. duties, more companies issued U.S. duties when they announced on April 2 that he would announce that he would be able to do so. Imposing steep trade barriers on dozens of countries,,,,, According to the data from gravity studies. On April 9, Trump temporarily reduced those steep retaliation taxes, but tariffs on Chinese imports increased to 145%.

Gravity research found that from April 10 to April 25, from April 9 to April 9, from April 10 to April 9, there were 139 companies responding to channel tariffs including press releases, revenue calls, social media, media interviews and employee memorandums. Nearly half of the company's tracking statements since the temporary tariff probation came from revenue calls, with the CEO making prepared remarks and answering analyst questions.

The strong opposition to tariffs has attracted the momentum of some senior executives who praised Trump's policies as a boon for businesses only a few months ago. CEO Delta gas line and JPMorgan Chaseeach company donated $1 million to Trump's inauguration fund, and talked about how tariffs hurt U.S. consumer spending.

The president suspended some duties that day for several hours JPMorgan Chase CEO Jamie Dimon participated in Fox Business's "Morning with Maria" performance (watched by Trump) and said he saw Trump's tariffs cause a U.S. recession. In his January speech, he said that this marked a sharp attitude toward national security and people need to "overcome it."

Shortly before the trade conflict, Delta CEO Ed Bastian told CNBC in an interview that the economic uncertainty arising from the levy was causing a slowdown in air ticket bookings and described Trump's rapidly changing trade policy as "the wrong way." Bastian said in January that 2025 will be the "best fiscal year in history" for carriers. But on April 9, Delta cut its growth plans and obtained full-year guidance.

However, on the same day, Delta offered full-year guidance, but Walmart focused primarily on the long-term business strategy of the Investor Day, sometimes doing everything it can to address tariffs.

McMillon made a relaxed voice as he started the investor Q&A session, joking about how many times the tariffs were going to occur.

He said at the time: "If any of you want to place an online bet, the current/not at six o'clock for the issue related to the tariffs."

Although Wal-Mart has not spoken publicly about tariffs in the weeks since then, Macmillan was one of the retail leaders who met with Trump at the White House in late April. The CEOs of Home Depot and Target also attended the meeting.

After the meeting, all three companies made nearly the same statements, describing the meeting as “productive” or “informative and constructive.”

By Thursday, Walmart made clear how it believed tariffs would affect its business and customers. And price warning,,,,, The large retailer adheres to its full-year forecast, but has not provided guidance for fiscal second-quarter earnings or operating revenue growth due to fluctuations in U.S. tariff policies.

Michael Baker, a retail analyst at Da Davidson, said the language of the company’s leaders is “more plain and more specific” than last month – which happened by choice rather than by chance.

“Walmart goes out of its way to do everything and understand what they say with a lot of attention,” Baker said. “They try to show that prices will rise and provide the idea for consumers and the U.S. population, in a sense, send a message to policy makers that think that the entire tariff will be absorbed by retailers or manufacturers.”

The warning led to Trump's social media posts. He and the leading economic adviser insist that even most economists say, shoppers won’t bear the price of tariffs.

"Walmart should stop trying to blame tariffs, which is why the entire chain raises prices." Trump wrote an article on truth socializing on Saturday. "Walmart made billions of dollars last year, far exceeding expectations. Walmart and China should 'eat tariffs' without charging any fees to valuable customers. I will watch it, and your customers will watch it too!!!"

Trump’s criticism of Walmart’s annual profits has been shared with many Democratic lawmakers, but is rare among Republicans, especially one who presided over his massive corporate tax cuts during his first presidency.

Steven Shemesh, a retail analyst at RBC Capital Markets, said Walmart’s margins are thinner than other retailers and businesses, which can also explain why it is necessary to speak out and explain higher prices. The company's operating margins are typically around 4% to 5%, similar to other grocery retailers, but tend to be lower than some retailers selling more discretionary items.

For example, Lululemon's operating margin was nearly 29% in the most recent quarter.

In Thursday's comments, Walmart appeared to have thanked the Trump administration for progress in talks with China, which led the U.S. to temporarily cut its responsibility for Chinese imports from 145% to 30%, but said they would like to see the rate drop.

He said Walmart may decide to be transparent with shoppers about the financial reality of tariffs on its business, especially because its customer base is often price-sensitive.

"The profits are thin, the costs are rising, and they will eat as much as they can, but at some point, the math is not checked out."

Da Davidson's Baker said Walmart's low reputation and the low footprint of the United States can withstand Trump's counterattack, not many other companies, said Da Davidson's Baker. A plate usually refers to a statistic that illustrates its huge influence and partly explains why it is the top grocer in the United States: about 90% of the U.S. population lives within 10 miles of Walmart stores.

“For retailers, contrary to the problems of the U.S. government, especially the bully Trump tends to use, it’s no easy task. So it's not very good," Baker said.

But Walmart has successfully communicated its work ability to keep prices low, especially for key groceries like milk and eggs.

"If prices do need to go up, customers do understand that Walmart will still be good value relative to others," he said.

Over the next two weeks, other major retailers, including Target and Best Buy, will share their latest news on their sales outlook and whether tariffs mean higher prices.

Piacenza of Gravity Research said brands are paying close attention to each other.

“No one wants to be the tallest blade of grass,” she said. “They want to do what their peers are doing.”

But, she added, the company's efforts to warn customers to raise prices and explain why they can help brands lead the game of blame.

“Back to this question: When it comes to public opinion, will consumers point to the White House or the company at a higher price?” she said.