Trump to meet with retail chiefs as trade war threatens to unravel the industry’s supply chain

President Donald Trump is reportedly planning to meet with execs from retail heavyweights Walmart, Target, and Home Depot as a fresh barrage of tariffs threatens to upend supply chains and shake an already wobbly sector.

Retail stocks have been hammered by rising trade tensions, with tariffs on Chinese goods now soaring as high as 145%. That’s a major headache for big-box chains that rely heavily on China to keep shelves stocked — more than half of Walmart’s and Target’s imports come from there.

Walmart has started pressuring longtime suppliers to slash prices, trying to blunt the blow of rising costs. The company is also leaning into its reputation for riding out economic storms. Home Depot, coming off a strong Q4 that ended a two-year same-store sales slump, has diversified its supply chain across various countries in recent years, but with levies climbing even higher, that strategy could soon be put to the test.

Retail leaders could paint a grim picture when they sit down with Trump — one that includes rising prices, historic inventory pileups, and even potential store closures if levies stay sky-high. Wall Street is bracing for impact: analysts have already slashed retail earnings forecasts, and the SPDR S&P Retail ETF is down 19% year to date.