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Donald Trump urgently warned by supermarket CEOs that his tariffs could lead to shortages and empty shelves
Donald Trump has been handed a worrisome warning from America’s top retail bosses that the Republican’s aggressive tariff tirade could lead to empty store shelves within weeks.
During a private meeting at the White House on Monday, the CEOs of Walmart, Target and Home Depot reportedly told the US President that supply chains could freeze if he proceeds with his planned tariffs.
During the Oval Office meeting, the retail giants refused to mince words about the potential consequences of Trump’s economic agenda, warning that the impact could be noticeable in as little as two weeks.
“The big box CEOs flat out told him the prices aren’t going up, they’re steady right now, but they will go up,” an administration insider told Axios.
Donald Trump has been handed a worrying warning from America’s top retail bosses
REUTERS
The same source added: “And this wasn’t about food. But he was told that shelves will be empty.”
Both Target and Walmart described the encounter as “productive” but refused to elaborate on specific warnings, CBS News reported.
The CEOs’ words seemed to influence the President’s stance since, just one day after the meeting, Trump told reporters that tariffs on China will “come down substantially” from his previously announced 145 per cent rate.
He also walked back threats to fire Jerome Powell, who is the chair of the Federal Reserve.
LATEST ON TRUMP’S TARIFF TIRADE:
Previously, the Trump administration had imposed 145 per cent tariffs on Chinese goods and 10 per cent tariffs on most other countries.
Earlier this month, Trump had also announced steep “reciprocal tariffs” on dozens of other US trading partners on America’s so-called Liberation Day.
But, soon after, he paused most of the non-China levies for 90 days.
Wall Street rallied in response to Trump’s policy shift. By the next morning, the Dow Jones had risen 2.2 per cent whilst Nasdaq surged 3.5 per cent.
In the past, retailers have warned about the levies’ negative impacts on American business.
Even in November, after Trump’s election victory, Walmart CFO John David Rainey told CNBC that he “never want[s] to raise prices” although he admitted that “there probably will be cases where prices will go up for consumers”.
Last month, Target CEO Brian Cornell similarly cautioned that “the consumer will likely see price increases over the next couple of days” from planned tariffs on Mexican imports.
The executives warned that the impact could be noticeable in as little as two weeks
GETTY
The import duties have rattled markets over the past month, fuelling fears about rising consumer prices, slower economic growth and supply chain shortfalls.
The Trump administration has considered forming a working group to handle any strains on supply chains caused by the China tariffs.
Despite softening his stance, Trump has stood by his overall tariff strategy, continuing to cast it as a way to boost US manufacturing and counter what he views as unfair trade practices.
The President, however, has maintained that he remains open to negotiating new trade deals with other countries.
Liverpool midfielder Curtis Jones pays tribute to his departing team-mate Trent Alexander-Arnold following the Reds final game of the season a 1-1 draw against Crystal Palace at Anfield.
MATCH REPORT: Liverpool 1-1 Crystal Palace
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Napoli want to sign Alejandro Garnacho after missing out on the Argentine in January, Arsenal join Bayern Munich in the pursuit of Kaoru Mitoma, Viktor Gyokeres will leave Sporting this summer.
Napoli sporting director Giovanni Manna is set to meet with Manchester United over a possible deal for 20-year-old Argentina winger Alejandro Garnacho, who was the subject of a rejected £40m bid from the Italian champions in January. (i paper), external
Arsenal have joined Bayern Munich in the race to sign Brighton‘s 28-year-old Japan midfielder Kaoru Mitoma. (Sky Germany), external
Sweden forward Viktor Gyokeres will leave Sporting this summer. The 26-year-old is linked with Arsenal and Chelsea and has an agreement with the Portuguese club to allow him to leave for less than his £84m release clause. (Sky Sports), external
Arsenal want Aston Villa‘s Argentina goalkeeper Emiliano Martinez, 32, to return to the club amid interest from Real Madrid in their 29-year-old Spain shot-stopper David Raya. (Sun), external
Tottenham assistant manager Ryan Mason is the leading candidate to become West Brom boss. (Talksport), external
Leicester City have made a bid to sign 18-year-old Guinean forward Abdoul Karim Traore from French club Bourg-en-Bresse. (Foot Mercato – in French), external
Arsenal want Ghana defensive midfielder Thomas Partey to remain with the club beyond his current deal, which expires in the summer, despite being linked with Real Sociedad’s 26-year-old Spain midfielder Martin Zubimendi. (football.london), external
Napoli have offered 33-year-old Belgium midfielder Kevin de Bruyne a £23m salary over a three-year deal following his departure from Manchester City this summer. (Fabrizio Romano), external
Napoli president Aurelio de Laurentiis has confirmed the club’s interest in De Bruyne. (II Mattino, via Mirror), external
Arsenal sporting director Andrea Berta has held talks with AC Milan winger Rafael Leao, 25, in a bid to persuade him to move to Emirates Stadium this summer. (TeamTalk), external
Norwich City have approached Bristol City manager Liam Manning over potentially taking charge at Carrow Road next season. (Telegraph – subscription required), external
Arsenal have made an offer to sign 21-year-old RB Leipzig forward Benjamin Sesko. (Fichajes – in Spanish), external
Leicester manager Ruud van Nistelrooy says he has not yet had any talks with the club about his future but that they “need to happen”.
The Dutchman signed a contract until June 2027 and is understood to want to remain in charge of the Foxes, but reports say former Southampton boss Russell Martin is a contender to take his job.
Already relegated Leicester bowed out of the Premier League on Sunday with a 2-0 defeat at Bournemouth.
The Leicester boss said he “hopes to speak” with the club about his future following relegation to the Championship.
“I would like to talk and that’s the first thing that needs to happen,” he told BBC Match of the Day.
“It’s been silent and it’s something towards the end of the season, get things done with and then I expect to hear something.”
Leicester finished the season in 18th place, 13 points adrift of safety, and were relegated in April.
He added: “It’s important to start talking and to see how we look into the future. It’s what you need to find out. So far there hasn’t been any conversation but I’m waiting for that to happen.”
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