When Doug McMillon, president and chief executive officer of Walmart Inc. spoke with analysts on Thursday, he delivered a message that Wall Street, economists, trade experts and almost everyone else expected. 

“We will do our best to keep our prices as low as possible,” McMillon said. “But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.”

But President Trump, whose trade war levied new tariffs on almost all imports, didn’t like what he heard. 

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump said on social media Saturday morning. “Walmart made BILLIONS OF DOLLARS  last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”

Walmart’s profits grew by 25.3 percent to $19.4 million last year, on revenues of $648.5 billion.

The discount giant — known both for low prices and making big profits — said it still expects to hit its profit target for this year, but is being cautious on how it gets there and didn’t offer guidance for the second quarter, citing the dynamic economic backdrop. 

It is an economy that has Trump written all over it. 

Sticking to his campaign promises, Trump added 10 percent tariffs on the whole world and hit China much harder, getting into a tit for tat that for a time this spring charged 145 percent tariffs on Chinese imports. 

The levy on goods from China has now fallen to 30 percent — a level that is still very costly, but much more manageable. Those costs as well as shipping disruptions from the wild swing in prices are now working their way through the system and are just about to get to consumers.  

The question now might be just who shoppers are going to blame for those higher prices. Trump has his preference. Walmart did not immediately respond to a request for comment.