Walmart price hikes due to Trump's tariffs could start weeks from now

President Donald Trump's sweeping tariffs will soon mean higher prices at Walmart — and that's coming directly from a top executive at the retail giant.

Chief Financial Officer John David Rainey told CNBC in an interview that tariffs were "still too high" and that American customers would shoulder that cost in the coming weeks.

"We're wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb," he told CNBC. "It’s more than any supplier can absorb."

Rainey said he was "concerned" that consumers were "going to start seeing higher prices" as a result of the tariffs. Those hikes could come as soon as the end of May, he said, "and then certainly much more in June."

Rainey confirmed to CNBC that a recent deal between the U.S. and China — temporarily dropping tariffs from 145 percent to 30 percent — was not enough of a cut to keep prices flat.

Walmart recently made headlines when it reinstated a $6.99 "basket fee" for certain grocery orders, which some claimed was due to Trump's tariffs. The company told Mashable, however, that the fee was unrelated to tariffs.

But as Walmart's own CFO confirmed, that doesn't mean tariffs won't cost you at Walmart — and very soon.