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?

Trump tells Walmart to ‘eat’ higher costs brought on by his trade approach as terms like ‘tariffs,’ ‘uncertainty’ and ‘recession’ are coming up more frequently in company earnings calls

Price increases are becoming the norm amid Trump's tariff policies, with Subaru set to charge more in the US market and Walmart clashing with the president over impending inflation.