U.S. companies are also still cautioning about how tariffs could affect their businesses. On Walmart 's ( WMT -1.35%) earnings call last week, CEO Doug McMillon warned about potential repercussions. President Trump responded on social media that Walmart makes billions of dollars in sales, and that it should "eat the tariffs." But can it?

President Trump felt "horrible" about the impacts of tariffs on China that hit American businesses in April, Commerce Sec. Howard Lutnick said at an Axios event on Wednesday.Why it matters: Lutnick said the pain was necessary — but he again insisted prices won't rise for consumers.

Even as Trump lashes out at Walmart, more than half of U.S. companies polled say they will have to raise prices to cope with tariffs.