Treasury Secretary Scott Bessent has acknowledged that Walmart, the largest U.S. retailer, may pass along some of the costs from President Donald Trump’s tariffs to its shoppers through higher prices.

In appearances on NBC’s Meet the Press and CNN’s State of the Union, Bessent said the administration is reviewing its 18 most critical trading relationships. He pointed out that countries who are judged not be negotiating well and sincerely will receive formal notifications specifying their new tariff rates,