Treasury Secretary Scott Bessent dismissed Walmart CEO Doug McMillon’s “draconian” tariff warning on Sunday, stating the retail giant will absorb some costs and may pass other price increases on to consumers, following a direct conversation between the two.
Bessent shared the development on CNN’s “State of the Union” after McMillon announced last week that tariffs would lead to higher prices at Walmart, prompting President Donald Trump to warn against it.
“I did speak to Doug McMillon, who I have a very good relationship [with], yesterday, just to understand what he had to say,” Bessent told anchor Jake Tapper. “And understand that came from an earnings call. On an earnings call, because of SEC requirements, they have to give the most draconian case. So Walmart will be absorbing some of the tariffs. Some may get passed on to consumers.”
He added: “But the other…
