Two American retail titans are on the front lines in President Trump’s trade war. Investors seem to be betting that Walmart can dodge even more bullets than Amazon. Walmart used its fiscal first-quarter report on Thursday to warn that its prices are going up as products covered by new tariffs start hitting its shelves.

It’s a tale of two retailers . Home Depot is leaning into tariffs by holding prices steady for customers. Meanwhile, Walmart said last week it will do the opposite and raise prices. That contrast tells you who’s playing offense and who’s playing defense.

Walmart has significant China exposure -- about 60% of the manufactured products it sells -- but its reputation for "everyday low prices," economies of scale, and strength in groceries make it more resilient in a trade war or a down economy than most of its retail peers.

Retailers including Walmart and Mattel are raising prices to cover extra costs imposed by President Trump's tariffs on foreign imports.

The previous de minimis shipment exemption has been critical to direct-to-consumer brands like Shein and Temu, allowing them to sell cheap goods to U.S. consumers. And a 54% tariff is still a hefty amount, especially if you’re just ordering a cheap dress from Shein or some toys from Temu.

The trade truce between the US and China appears increasingly fragile, as both sides trade barbs just more than a week after sending markets into euphoria by pausing sky-high tariffs on one another. China’s Commerce Ministry said Wednesday that it would take legal action against any organization or individual assisting the US in discouraging the use of China’s advanced semiconductors.

Walmart's plan will affect teams in its global operations, e-commerce fulfilment in US stores and its advertising business. It is the largest US private employer with about 1.6 million employees

Usually, there's at least one big group that stands to benefit from White House economic policy: businesses, workers or consumers. Why it matters: In this moment, it's not exactly clear who wins from the current administration's triple play of raising tariffs,