Walmart, the nation’s largest retailer, is suggesting that consumers could begin to see the effects of President Trump’s tariffs as soon as this month. CFO John David Rainey stated the tariffs remain “still too high.”

Rainey said in an interview on Thursday, “Our business model is built around offering the lowest prices every day, but the scale of these tariff increases is too great for any single retailer or supplier to handle. I am concerned that consumers will start to see higher prices, potentially as early as the end of this month, and certainly to a greater extent in June.”

Trump’s tariffs, implemented in April, have impacted Walmart.

In what appeared to be an attempt to de-escalate trade war tensions, Trump announced on Monday a reduction in U.S. import taxes on Chinese goods, bringing them down from 145% to 30% for an initial 90-day period.

Despite this change, Walmart continues to feel pressure from tariffs. However, the retailer projects net sales will climb between 3.5% and 4.5% for the second quarter of the fiscal year.

According to CNBC, Walmart “declined to provide guidance for earnings per share or operating income growth because of fluctuating U.S. tariff policy.”

The effects of Trump’s initial tariffs were immediately apparent, with some businesses delaying planned expansions and raising prices.

Although the reduction in tariffs was related to Trump’s deal with China, the frequent policy shifts from the White House have created confusion and instability for both consumers and businesses.

“[T]he speed and magnitude of these price increases is somewhat unprecedented,” Rainey commented.

The potential price increases from Walmart come as American families are already worried about the impact of Trump’s tariffs on their spending across various sectors, including groceries, electronics, and cars.

Grocery prices have been a particular concern for U.S. shoppers. Following a severe bird flu outbreak, egg prices had surged. While April saw a decrease, the effects of the previously record-high prices are likely still being felt, demonstrated by a considerable decline in demand.