CEOs of Home Depot, other retailers meet with Trump to discuss tariffs

The exact points of discussion are unknown, though trade was the top priority. Trump’s trade policies have roiled the U.S. and global economies.

In early April, Trump imposed what he called “reciprocal” tariffs on nearly all countries, of at least 10%, with the goods from many countries facing higher import taxes. This on top of other levies on foreign steel, aluminum and autos.

Trump later paused the reciprocal tariffs for 90 days, though he kept levies of up to 145% on most products from China and a flat 10% tax on goods from most nations.

Tariffs are a tax on all imported goods. The White House has said the tariffs are designed to reshore manufacturing, address the “injustices of global trade” and reduce the trade deficit, which exceeded $1.2 trillion in 2024. Companies bringing foreign goods to the U.S. will pay the tax, but economists warn American businesses and consumers will ultimately shoulder the costs. According to the Tax Foundation, the tariffs will amount to an average tax increase of $1,243 per U.S. household in 2025.

Walmart, Target, Home Depot and many of their big box counterparts rely heavily on imports to stock their shelves, from produce and pantry food items to home decor and furniture.

A number of them begin placing orders for holiday inventory during the spring and early summer season, making April an inopportune time to impose high import taxes.

It’s not just big box stores that rely on imports. Small boutiques, wine and specialty food shops and health and beauty stores import goods from foreign manufacturers. Some of them are unable to absorb the cost increases and have already imposed tariff-related surcharges.