President Donald Trump listens to reporters’ questions as he meets with Italian Prime Minister Giorgia Meloni in the Oval Office at the White House on April 17, 2025 in Washington, DC.
Win Mcnamee | Getty Images
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.
Walmart CEO Doug McMillon and Target chief executive Brian Cornell both attended, as did Home Depot CEO Ted Decker.
A White House official told CNBC earlier Monday that a representative from Lowe’s would also be at the meeting. After the meeting concluded, an official told NBC News that no one from Lowe’s attended.
After the meeting wrapped, 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.
“We had a productive meeting with President Trump and our retail peers to discuss the path forward on trade, and we remain committed to delivering value for American consumers,” read the statement from Target.
“We had an informative and constructive meeting with the President and look forward to continuing the dialogue,” Home Depot’s statement said.
The meeting, first reported by Bloomberg earlier in the day, was not included on the president’s public schedule.
In a statement provided to CNBC later Monday, Trump said that the meeting “went very well,” adding, “It was an honor to have them” in the Oval Office.
For retailers, tariffs are the latest threat to an already challenging economic landscape, where consumers are looking for low prices after years of high inflation.
Yet tariffs will weigh on some retailers more than others. As the nation’s largest grocer, Walmart is in a better position than many of its competitors.
About two-thirds of what Walmart sells in the United States is made, grown or assembled in America, chief financial officer John David Rainey said earlier this month at an investor event in Dallas.
Walmart imports the final one third from around the globe, he said, but China and Mexico are the “most significant” supplier countries.
Target, on the other hand, is in a tougher spot. The Minneapolis-based retailer is best known for discretionary merchandise like inexpensive, chic clothes and home goods, products that are typically manufactured overseas.
Target’s annual revenue has been roughly stagnant for the past four years, and the company recently projected just 1% sales growth for the current fiscal year.
The industry’s key trade group, the National Retail Federation, has sounded alarms about the harms tariffs pose to U.S. families. The group, which lobbies for and represents retailers, has released its own estimates of how much more consumers would have to pay for everyday items like sneakers, toasters and mattresses.
“More tariffs equal more anxiety and uncertainty for American businesses and consumers,” David French, NRF’s executive vice president of government relations, said on the day Trump unveiled his “reciprocal” tariff plan, which he has since pared back.
“While leaders in Washington may not care about higher prices, hardworking American families do,” French said.