WASHINGTON, D.C.: U.S. President Donald Trump said over the weekend that Walmart should "eat the tariffs" instead of blaming duties imposed by his administration on imported goods for the retailer's increased prices.

Trump was responding to Walmart's recent statement that it would raise prices later this month because of high tariffs on imported goods.

"Walmart should stop blaming tariffs for price hikes. They made billions last year—more than expected," Trump said on social media. "Walmart and China should cover the costs and not make customers pay more."

Walmart replied that it always tries to keep prices low and will continue to do so. "We'll keep prices down as much as possible, but our profit margins are small," Walmart said in a statement to Reuters.

Walmart CEO Doug McMillon said the company cannot fully absorb the added costs from tariffs due to its tight margins. However, he stated that they will ensure food prices don't increase due to tariffs on general merchandise, which primarily comes from China.

Many U.S. companies have lowered or withdrawn their financial forecasts due to trade tensions, particularly with China, as shoppers spend less.

Walmart's comments underscore the impact of the trade war on retailers. Walmart is known for its ability to manage costs effectively, which enables it to keep prices low. About 255 million consumers shop at Walmart every week, and 90 percent of Americans live within 10 miles of a store.

Walmart's warning came a few weeks after a report claimed Amazon was about to reveal how Trump's tariffs were raising its prices. The White House criticized Amazon over the report, which Amazon denied.