On Tuesday, Walmart’s chief financial officer, John David Rainey, told CNBC the nation’s No. 1 retailer might have to raise prices on some products if Trump forges ahead with his tariff plans Lowe’s CEO Marvin Ellison also said the company is concerned about increased costs tied to tariffs. Earlier this month, National Retail Federation CEO Matthew Shay described across-the-board tariffs as “a tax on American families.” He said they would “drive inflation and price increases and will result in job losses.”