In a rare and urgent Oval Office meeting, the chief executives of Walmart, Target, and Home Depot delivered a unified and stark warning to President Donald Trump: if his sweeping tariff agenda and continued attacks on the Federal Reserve go unchecked, American consumers could soon face empty shelves and skyrocketing prices.
According to a report from Axios, the private Monday meeting saw the three CEOs—Doug McMillon of Walmart, Brian Cornell of Target, and Ted Decker of Home Depot—paint a clear picture of what’s at stake. With supply chains already under strain and economic uncertainty rattling the markets, the executives warned Trump that his aggressive trade policies, particularly tariffs on Chinese imports, could trigger a rapid and visible disruption in retail inventories.
“This wasn’t about food. But he was told that shelves will be empty,” said a senior administration official briefed on the conversation. Another official emphasized that the CEOs were candid and direct: “Prices are steady right now,” they told the president, “but they will go up—and quickly—if you continue down this path.”
The warnings reportedly struck a chord. Within 24 hours, Trump publicly reversed course on two key fronts. He signaled a willingness to “substantially reduce” his proposed 145% tariff hike on Chinese goods—a move that had sent shockwaves through global markets—and stepped back from his threat to fire Federal Reserve Chair Jerome Powell, whose independence had come under repeated attack.
Wall Street responded almost instantly to the shift in tone. By Wednesday morning, the Dow Jones Industrial Average had surged 2.2%, and the Nasdaq Composite jumped 3.5%, as investor confidence rebounded on hopes of a more restrained trade posture.
The retail executives, whose companies collectively account for hundreds of billions of dollars in annual sales and employ millions of American workers, were said to be deeply concerned not only about costs, but about the availability of everyday goods. From electronics and apparel to construction supplies and home goods, the effects of a tariff-driven disruption could ripple across nearly every aisle of the American economy.
“This isn’t just about Wall Street. It’s about Main Street,” said one source familiar with the CEOs’ message. “If shelves go empty, consumer confidence crashes. This could turn into a supply shock that hits families and small businesses hard.”
With the 2024 election looming and economic headwinds intensifying, the Oval Office sit-down marked a rare moment when some of the most powerful figures in corporate America joined forces to confront the president directly—and it appears they may have succeeded, at least for now, in softening his stance.
Still, analysts warn that the situation remains fragile.
“Retailers can’t absorb steep tariffs forever,” said Lydia Boren, a senior trade economist at the Brookings Institution. “The longer this brinkmanship continues, the more unpredictable the fallout will be—politically and economically.”
Whether Trump’s retreat is lasting or temporary remains to be seen. But for now, the voices of America’s biggest retailers have made it clear: tariffs come at a cost—and the price may be paid by every shopper in the country.
