During an earnings call Thursday Walmart said it will be forced to raise prices soon even with the reduced tariffs on China as trade with the United States is negotiated.

McMillon praised the Trump regime for lowering the tariffs on China, though economists will tell you the pause is both temporary and an extremely large new tax on all goods coming from overseas. A universal tariff of 10% on goods coming from every other country around the world is also in place, a substantial tax on consumers.

The retail giant said Trump’s import taxes remain too high to avoid passing along to shoppers, who could start paying more for some items as soon as late May.