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The heads of three major big-box stores met with President Donald Trump on Monday, to warn him that in two weeks, store shelves will be bare and prices will skyrocket thanks to his nonsensical trade policy, Axios reported.
According to Axios, the CEOs of Home Depot, Target, and Walmart were blunt about the impacts the massive “Liberation Day” tariffs he’s placed on China and other major U.S. trade partners will have on consumers and the economy.
“The big box CEOs flat out told him [Trump] the prices aren’t going up, they’re steady right now, but they will go up. And this wasn’t about food. But he was told that shelves will be empty,” an unnamed Trump administration official told Axios.
The warning must have really spooked Trump, as Tuesday night he said that he is likely to lower the punishing 145% tariffs he’s levied on Chinese imports—though he said the tariffs “won’t be zero.”
“We’re doing fine with China,” Trump told reporters.
“We’re going to live together very happily and ideally work together,” he added, saying he’s likely to “substantially” lower the tariffs on the country that produces the vast majority of the electronics, clothing, and toys Americans buy.
If he caves on the Chinese tariffs, it wouldn’t be the first time.
Trump already issued a 90-day pause on the reciprocal tariffs, though he kept a 10% blanket tariff on nearly every country in the world, as well as the 145% tariff on Chinese imports.
The stock markets responded favorably to Trump’s admission that he is going to fold—at least somewhat—on his idiotic tariffs. The Dow Jones Industrial Average opened 2% higher on Wednesday, as investors grow more hopeful that the tariffs will be lifted.
However, it’s unclear when Trump will actually make an announcement about tariff changes—and if it will be in time for retailers to regroup and order goods to keep shelves stocked.
Import bookings at ports across the U.S. were down 64% the week of April 9—after Trump announced the tariffs—according to a report from Reuters.
Related | Most voters want GOP-led Congress to limit Trump’s tariffs
“It’s a tough environment to operate in because there’s no certainty around what’s happening or not happening,” Lee Mayer, CEO and founder of the company Havenly Brands, told Reuters. “There’s a lot standing in place. No one wants to talk costs yet. No one wants to talk re-sourcing yet.”
Ultimately, Trump’s policies are tanking his standing with voters. A new Ipsos poll released on Tuesday, found just 37% of voters approve of Trump’s handling of the economy.
That’s likely because voters do not support the tariffs—which amount to a tax on consumers.
And a Civiqs poll conducted for Daily Kos found that 67% of voters believe tariffs will raise prices, with 53% of voters saying they want Republicans in Congress to limit Trump’s tariffs.
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