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.

On FOX business last week, the chief financial officer for Walmart warned proposed tariffs could lead to higher prices on certain goods in the new year.

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.