Walmart walked back its projection that it would hike prices across its stores after President Donald Trump called out the retailer.

In its last earnings call with investors, the retailer blamed tariffs for anticipated losses. Trump instead suggested that Walmart not pass the cost of tariffs down to consumers, as it made a larger profit than expected last year. Walmart has since retracted the comment.

Recommended Stories

• Kennedy Center expands Broadway and family-friendly shows in Trump era
• Qatar-Boeing deal will impact the working class 'most of all': Peter Cordi
• Over 20 conservative groups sign letter calling on FCC to update 'antiquated and harmful' restrictions

“We have always worked to keep our prices as low as possible and we won’t stop,” Walmart said in a statement. “We will keep prices as low as we can for as long as we can given the reality of small retail margins.”

However, Trump implied its margins weren’t that small in his critique of the retailer.

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!” Trump posted on Truth Social.

This follows Treasury Secretary Scott Bessent’s phone call with Walmart CEO Doug McMillon on Saturday. Bessent claimed that the comments made during the earnings call were exaggerated to protect the company from litigation.

ANHEUSER-BUSCH PUTS $300 MILLION MORE TOWARD DOMESTIC MANUFACTURING EFFORT

“Walmart is, in fact, going to, as you describe it, eat some of the tariffs, just as they did in ’18, ’19, and ’20,” Bessent said. “What you are describing was Walmart’s earnings call. The other thing the companies have to do [is] they have to give the worst-case scenario, so that they’re not sued. I think overall, we are seeing a decline in services [and] inflation. We saw inflation come down for the first time in four years.”

In that same earnings call, McMillon predicted sales to increase 3.5% to 4.5% in the second quarter.