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?

Citing a conversation with Walmart CEO Doug McMillon, Treasury Secretary Scott Bessent said the retailer will absorb some of the tariffs’ impact, as it did during President Donald Trump’s first term in office.