Walmart posted a strong first quarter and reiterated guidance for the year. However, executives warned that financial performance for the year ahead was subject to “substantial uncertainty” as a result of fluctuating tariff policies.

Many investors celebrated the agreement between the U.S. and China to relax trade tensions at least temporarily. Walmart's executives expressed some relief as well in the company's Q1 earnings call. CEO C. Douglas McMillon thanked President Trump and Treasury Secretary Scott Bessent for lowering tariffs on Chinese imports.

Walmart reported its first-quarter earnings, with adjusted revenues of $168 billion, as shoppers rushed to get ahead of tariff-related price rises.