BURSTHome Depot’s chief financial officer Richard McPhail said Tuesday that the company would not raise prices amid President Trump's tariff agenda.
“Because of our scale, the great partnerships we have with our suppliers and productivity that we continue to drive in our business, we intend to generally maintain our current pricing levels across our portfolio,” Chief Financial Officer Richard McPhail told CNBC in an interview.
McPhail said that by 2026 no single country outside of the U.S. will represent more than 10 percent of the company’s purchases. Most of their products are nationally sourced, with limited imports from China and other nations.
The president’s reciprocal tariffs, though paused for 90 days, are expected to hit businesses across all sectors hard with heavy blows to the auto industry.
Amid drops in first quarter earnings, Home Depot touted higher sales than estimated. The company says it expects total sales to grow by 2.8 percent for the full year as reported by CNBC.
The home improvement store's move comes after Walmart’s scolding from the Trump administration after the retailer suggested consumers could be subject to price increases due to tariffs on imports.
“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” President Trump wrote in a Truth Social post on Saturday. “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”
Walmart responded to Trump’s comments on Saturday.
“We have always worked to keep our prices as low as possible and we won’t stop,” the company said. “We’ll keep prices as low as we can for as long as we can given the reality of small retail margins.”
Treasury Secretary Scott Bessent said that he spoke with Walmart CEO Doug McMillon on Saturday and signaled that the company would reportedly absorb some of the tariffs.
“Walmart will be absorbing some of the tariffs, some may get passed on to consumers,” Bessent said, according to The Associated Press.