President Donald Trump is set to meet with major retailers at the White House, as business executives seek relief from sweeping tariffs that have destabilised global supply chains and rattled US consumers. 

The Monday meeting includes representatives from Walmart Inc., Home Depot Inc., Lowe’s Cos. and Target Corp., according to people familiar with the plans. The discussion comes amid a 90-day pause in Trump’s higher tariffs on trading partners except China that dozens of foreign leaders and business executives are using to negotiate better terms.

Home Depot said it works with administrations from “both sides of the aisle” and that it will keep meeting with leaders at all levels of government. Target had no immediate comment. Lowe’s did not respond to a request for comment. Walmart declined to comment. 

Disruptions caused in large part by Trump’s tariffs have posed challenges for retailers that are a main driver of the US economy. A selloff in US assets deepened Monday amid tariff anxiety and Trump’s threats against Federal Reserve Chair Jerome Powell. Shares of the companies ticked up after news of the meeting, but all remained down for the day.

American companies have warned that business could slow in the months ahead as the import taxes go into place. While companies have operated with tariffs for several years, the magnitude and fast-changing nature of Trump’s levies have become a unique problem. 

Trump’s duties on nearly all trading partners and a litany of sectors, including metals, are threatening to increase prices on everything from spirits and apparel to electronics and furniture. Those changes are expected to further hamper consumer demand, as Americans have already been price-sensitive following years of inflation.

In addition to the cavalcade of overseas officials seeking lower tariffs, Trump has indicated he would be open to negotiating on rates with corporate leaders. 

“We’ll also talk to companies. You know, you have to show a certain flexibility. Nobody should be so rigid,” the US president told reporters on April 13.

Uncertainty around Trump’s tariffs have made it difficult for businesses to plan inventory and pricing. The 90-day pause has given some operators a temporary relief, though many have warned of the complications that come with not knowing where duty rates will end up.

Americans have been rushing to purchase items like cars, electronics and appliances before Trump’s levies take full effect, according to economic data. US retail sales surged 1.4 percent in March from the previous month, the biggest jump in more than two years, according a Commerce Department report. Auto purchases increased by 5.3 percent as buyers sought to avoid 25 percent tariffs on finished vehicles that went into place on April 3.

The March data captured spending before Trump announced, then subsequently paused high tariffs on nations across the world, and before he hiked levies on many Chinese goods to 145 percent. But the report offers insight on consumers’ mindset at a time of high uncertainty about future prices.

Retailer Warnings

Retailers have an especially close window into how the levies would affect consumers and the US economy, given that they sell many oft-purchased essentials.

Walmart, the world’s largest retailer, has said it operates a diversified supply chain and that it sources about two-thirds of items in the US. Executives said this month that the company is working to keep prices low and that its merchants are thinking through the quantity of goods it needs, as well as how prices could change due to tariffs. So far, the company has not seen customers hoard like they did during the coronavirus pandemic.

Target has not indicated how much of its items are sourced overseas, though it has previously said price increases would vary by category. The company has said it was having discussions with vendors and employees about next steps. Home Depot has said it sources more than half of its goods in North America.

By Catherine Lucey, Stephanie Lai, Jaewon Kang and Jenny Leonard

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