Overview

• Walmart, Target, and Home Depot CEOs met with President Trump on April 21 to warn that tariffs could disrupt supply chains, raise prices, and lead to empty shelves.
• Retailers described the meeting as productive and constructive, emphasizing the need for policy adjustments to mitigate economic fallout.
• Treasury Secretary Scott Bessent signaled the administration's openness to softening trade measures, calming markets that had been rattled by tariff concerns.
• The National Retail Federation estimates tariffs could cost Americans up to $78 billion in annual spending power, with 83% of consumers already changing shopping habits in anticipation of price increases.
• While no formal changes have been announced, the administration’s willingness to engage with corporate leaders marks a potential pivot in its trade strategy.