For retailers, tariffs are the latest threat to an already challenging economic landscape, where consumers are looking for low prices after years of high inflation.

Trump's aggressive tariff policies have caused uncertainty both for investors and business leaders, many of whom rely heavily on imported goods.

U.S. President Donald Trump met with major retailers, including Walmart, Home Depot, Lowe's and Target, on Monday to discuss broad-based tariffs likely to raise the cost of everyday goods that they import.