A Walmart executive warned that President-elect Trump’s plans to raise tariffs on imports could drive the retail giant to increase the price of store items.

Trump promised voters tariffs are a panacea for the economy, but Walmart finance chief John David Rainey warned they will be inflationary for customers.

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.