Walmart CEO Doug McMillon was among the CEOs who met with Trump in late April to discuss tariff implications. A person familiar with the discussions told Yahoo Finance Walmart made a case to remove tariffs on China altogether as even lower tariffs would have major implications on prices for general merchandise items such as furniture and toys.

President Donald Trump, fresh off a trip to the Middle East, renewed his criticism of Federal Reserve Chairman Jerome Powell on Saturday and called on Walmart to "eat the tariffs" rather than raise prices.

Walmart's business is strong enough to withstand tariff headwinds without increasing its prices, according to the discount retailer's former U.S. CEO.Bill Simon, who ran Walmart U.S. from 2010 to 2014,