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.

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.

Walmart CFO John David Rainey told FOX Business that the company won't be immune if President-elect Trump pursues a tariff on imports from all foreign countries.