US President Donald Trump
Credit: Reuters photo
President Donald Trump is set to meet with major retailers at the White House to discuss the impact of sweeping tariffs on their businesses.
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 relief.
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.
The duties have rattled consumers worried about higher prices, creating anxiety for companies that source goods from outside the country, particularly from China. Some corporations have warned that business could slow in the months ahead as the import taxes go into place.
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.
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 per cent 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 per cent as buyers sought to avoid 25 per cent 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 per cent. But the report offers insight on consumers’ mindset at a time of high uncertainty about future prices