When one of the world's largest retailers talks, some investors pay attention. On Tuesday, alongside a strong earnings report and holiday quarter forecast, Walmart (NYSE:WMT) suggested that prices could increase if tariffs rise during the Trump Administration. "We're concerned that significantly increased tariffs could lead to increased costs for our customers at a time when they are still feeling the remnants of inflation," stated a Walmart (WMT) spokesperson.

The tariff policy of the incoming Trump Administration is unclear. On the campaign trail, Trump suggested imposing tariffs ranging from 60% to 100% on Chinese goods and 10% to 20% on all other imports. He said the broad approach would be aimed at deterring reliance on foreign manufacturing and encouraging domestic production.

Some of the companies that were impacted by higher input costs from tariffs on specific products during President Trump's first administration included Dollar General (DG), Dollar Tree (DLTR), Five Below (FIVE), Walmart (WMT), Target (TGT), Best Buy (BBY), Wayfair (W), Home Depot (HD), American Outdoor Brands (AOUT), Cummins (CMI), Lowe's (LOW), Harley-Davidson (HOG), Whirlpool (WHR), and Tyson Foods (TSN). In some cases, those tariffs costs were passed on to consumers, while some were drags on corporate earnings. In addition, select companies switched production out of China, in some cases to the U.S. and in some cases elsewhere in Asia.

Ahead of the new administration taking over the White House, some companies have altered their production and sourcing plans.