US wholesale prices sank in April, logging their biggest monthly drop since Covid stifled the economy, as tariffs put a squeeze on profit margins, according to new data released Thursday.

The Asia-Pacific Economic Cooperation (APEC) grouping warned on Thursday that exports in the region will barely grow this year amid U.S. tariffs, as the 21-member bloc kicked off an annual gathering of its trade ministers.

The retail giant said Trump’s import taxes remain too high to avoid passing along to shoppers, who could start paying more for some items as soon as late May.

Walmart is the largest importer of container goods in the US, with approximately 60% of its imports coming from China. McMillon also noted that tariffs on countries like Colombia, Costa Rica and Peru will put price pressures on food imports, including bananas, avocados and coffee.

Volley after volley of tariffs — and at times on-again, off-again trade actions — have put companies around the world on edge