Trump has claimed that the punitive tariffs levied in a 19-month dispute with China had not hurt Walmart.
However, the largest importer of goods in the US says that is not true.
More than half of Walmart's revenue comes from food and grocery sales, reports Business Insider.
This might allow the retailer to manage pressure from tariffs.
This means those costs largely fall on American businesses.
Businesses can either absorb them or pass them down to consumers.
Economists have warned that tariffs would increase prices and cast uncertainty on business plans.