What 25 retail leaders are saying about tariffs

Retailers have been responding to the recent onslaught of tariff changes by the Trump administration.

C-suite members on recent earnings calls have clarified their company’s operations and answered inquiries about their approach to navigating the current environment.

While talking with analysts on Feb. 20, Walmart’s response to questions regarding tariffs was relaxed, even nonchalant, with CEO Doug McMillon stating the company has managed tariffs for years. But, by March 6, Bloomberg reported that the big-box retailer was pushing suppliers for price cuts to mitigate their impact.

What retailers are saying regarding the impact of tariffs runs the gamut. Several off-price retailers aren’t concerned due to their sourcing models. Other companies are stating that consumers should expect prices to go up. A large portion of retail leaders say they are leaning on positive relationships with vendors or have already begun to diversify their supply chains. Many executives have stated a variation of “we’ve been through this before,” referring to tariffs enacted during Donald Trump’s first presidency.

From what retailers are saying about tariff expectations, specific action plans, expected outcomes and even positive commentary, here are 25 retail leaders responding to changing tariff conditions.

Retail leaders on tariff expectations and preparation

Target CFO Jim Lee

“With a sourcing organization that’s decades old, our team has a lot of experience in navigating this type of volatility. They’re monitoring the situation carefully and we expect to successfully navigate through any changes, just like we have in the past. However, given near-term uncertainty, we’ll be looking to maintain a larger-than-normal cushion on the balance sheet.”

Target CEO Brian Cornell

“When we think about tariffs and tariff implications, we only start with the impact on consumers and the families we serve and how, in