President Donald Trump's tariffs are widening the gap between market-leader Walmart and Target, the companies' latest quarterly reports show, underscoring missteps at the smaller U.S. retailer amid economic uncertainty.

Bessent told CNN's "State of the Union" May 18 that he spoke with Walmart CEO Doug McMillon the day before, when Trump told the company on Truth Social that they should "' EAT THE TARIFFS ," and not charge valued customers "ANYTHING."

Discount store operator Ross Stores today withdrew its fiscal 2025 forecasts and said tariffs could take a toll on its profitability this year, sending its shares down 11% in extended trading.

Federal Reserve officials said on Tuesday that higher prices are coming on the back of rising U.S. import tariffs, with the open question now whether the inflation shock will be fleeting or more persistent.

On Tuesday, it was reported that Chinese shipments of Apple's iPhone and mobile devices to the US fell to their lowest since 2011 in April. The sharp drop highlights how US tariff

David Bellinger, Mizuho senior analyst, joins CNBC's 'Money Movers' to discuss the potential impact of tariffs on Walmart.

Many investors celebrated the agreement between the U.S. and China to relax trade tensions at least temporarily. Walmart's executives expressed some relief as well in the company's Q1 earnings call. CEO C. Douglas McMillon thanked President Trump and Treasury Secretary Scott Bessent for lowering tariffs on Chinese imports.

Walmart’s latest earnings report reveals early signs of pressure from rising tariffs even as it celebrates its first profitable quarter in e-commerce. With CFO John David Rainey warning of price hikes and CEO Doug McMillon outlining trade-related challenges,