U.S. companies are also still cautioning about how tariffs could affect their businesses. On Walmart 's ( WMT -1.35%) earnings call last week, CEO Doug McMillon warned about potential repercussions. President Trump responded on social media that Walmart makes billions of dollars in sales, and that it should "eat the tariffs." But can it?

Trump increased tariffs on most Chinese goods to a whopping 145%, but that rate dropped to 30% on Monday as part of a 90-day truce with China. But Trump said the tariffs could become “substantially higher” if a trade agreement with China is not reached.

President Trump has publicly criticised Walmart for linking retail price hikes to his trade tariffs, insisting the company absorb the costs instead. The remarks have placed pressure on corporate America as the political debate over tariff-related inflation intensifies.