If Trump tariffs are implemented, Walmart may increase some prices, according to the CFO.

• John David Rainey, Walmart's CFO, stated to CNBC that new tariffs would probably result in the retailer increasing prices.
• Other brands and retail trade groups, along with him, warned that the proposed tax on imports by President-elect Donald Trump could lead to inflation.
• In a statement this month, National Retail Federation CEO Matthew Shay characterized across-the-board tariffs as a "tax on American families."

John David Rainey, the CFO of the retailer, stated that there would be a need to increase prices on certain items if President-elect Donald Trump's proposed tariffs are implemented.

"In an interview with CNBC on Tuesday, he stated that although their goal is to maintain low prices, there may be instances where prices will increase for consumers."

It's too soon to determine which products will be affected by the tariffs, according to Rainey.

The CFO of Walmart commented on the possible policy change after the company exceeded Wall Street's earnings and sales predictions and increased its full-year outlook.

U.S. retail leaders, including Walmart, have issued a warning about the potential consequences of imposing tariffs on imports, as Trump had promised during his presidential campaign to impose a 10% to 20% tariff on all imports, including levies as high as 60% to 100% for goods from China.

National Retail Federation CEO Matthew Shay stated that across-the-board tariffs are a "tax on American families" that will lead to inflation, price increases, and job losses.

With inflation moderating in the U.S., the possibility of higher prices is now being considered.

The CEO of e.l.f. Beauty and a footwear maker have both stated that they may have to raise prices or reduce imports from China due to the potential drawbacks of the tariffs.

Two-thirds of the items that Walmart sells are made, grown or assembled in the U.S., according to Rainey.

Walmart, like other companies, has attempted to diversify its sourcing by importing from various regions instead of relying heavily on China or any single country, according to Rainey. He stated that tariffs imposed during the Trump administration prompted the company to make adjustments.

"We've been living under a tariff environment for seven years, so we're well-versed in it. However, tariffs can increase prices for customers, so we plan to collaborate with suppliers and our own private brand selection to lower prices."

Lowe's, like Walmart, has taken steps to diversify its supply chain, as it discussed potential levies during its earnings report on Tuesday.

CFO Brandon Sink stated that approximately 40% of the company's cost of goods sold originates outside of the U.S., including direct imports and merchandise from national brands. He noted that tariffs would increase product costs, but the timing and specifics of these increases are currently uncertain.

He stated that they were adequately prepared to react if it occurs.

— CNBC's Gabrielle Fonrouge contributed to this report.