Tariffs are going to be inflationary, there’s no disputing that,” Walmart finance chief John David Rainey told Fox News on Thursday. That’s not the message the Trump campaign took to the nation during the 2024 election race,

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.

The National Retail Federation projected that potential tariffs could cost American consumers between $46 billion and $78 billion in annual spending power.