Trump promised voters tariffs are a panacea for the economy, but Walmart finance chief John David Rainey warned they will be inflationary for customers.

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.

On FOX business last week, the chief financial officer for Walmart warned proposed tariffs could lead to higher prices on certain goods in the new year.