Consumers have been pinching pennies since skyrocketing inflation in 2022 took a toll on their wallets, and worries that prices may rise further in the wake of newly instituted tariffs have sparked considerable debate.

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.

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

Walmart’s sales rose 2.5 percent, narrowly missing analyst expectations. Experts say the retail giant may be better situated than some competitors to endure a trade war.