Companies ask Trump for tariffs break

Retail executives huddle with the president amid fears that tariffs could result in higher prices, writes Tony Romm from Washington

- Tony Romm from Washington

When President Trump's steep tariffs threatened to send the price of iPhones soaring, Apple's chief executive, Tim Cook, called the White House — and soon secured a reprieve for his company and the broader electronics industry.

Almost immediately, top aides to Trump insisted they had not strayed from their promise to apply import taxes across the economy with minimal, if any, exceptions. But the carve-out still caught the attention of many businesses nationwide, igniting a fresh scramble for similar help in the throes of a global trade war.

Top lobbying groups for the agriculture, construction, manufacturing, retail and technology industries have pleaded with the White House in recent days to relax more of its tariffs, with many arguing that there are some products they must import simply because they are too expensive or impractical to produce in the United States.

On Monday, executives from retailers including Home Depot, Target and Walmart became the latest to raise their concerns directly with Trump, as the industry continues to brace for the possibility that steep taxes on imports could result in price increases for millions of American consumers.

"We had a productive meeting with President Trump and our retail peers to discuss the path forward on trade, and we remain committed to delivering value for American consumers," a Target spokesman, Jim Joice, said in a statement.

Doug McMillon, Walmart's chief executive, has previously acknowledged the many "variables" surrounding Trump's tariffs and retail prices. A spokeswoman for Walmart confirmed the meeting on Monday, describing the conversation in a statement as "productive." Other companies did not respond to requests for comment.