Executives from three of America’s largest retail giants—Walmart, Target, and Home Depot—delivered a stark warning to President Donald Trump during a private Oval Office meeting on Monday, according to a report by Axios.
The CEOs cautioned that Trump’s aggressive economic policies, particularly his steep tariff plans and interference with the Federal Reserve, could lead to serious supply chain disruptions. They emphasized that if action isn’t taken swiftly, retail shelves could be left empty, sparking widespread consumer backlash.
“The big box CEOs flat out told him the prices aren’t going up, they’re steady right now—but they will go up,” said a senior administration official familiar with the meeting. “And this wasn’t just about food—they warned him that shelves could literally be empty.”
Another official briefed on the discussion told Axios the CEOs warned that visible effects could hit within just two weeks if the current economic course continues unchecked.
It appears the conversation had an impact. Just a day later, President Trump signaled a softer stance, telling reporters that tariffs on China would be “substantially” reduced from the initially announced 145% rate. He also backed away from earlier threats to dismiss Federal Reserve Chair Jerome Powell.
Markets responded quickly. As of Wednesday morning:
- The Dow Jones climbed 2.2%
- The Nasdaq surged 3.5%
The message from corporate America was loud and clear: escalating trade tensions and policy uncertainty could spark a retail crisis—and the White House may be listening.
