“We never want to raise prices,” Rainey told CNBC on Tuesday. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.”

He did not say which items’ prices would be impacted by tariffs. Walmart reported another quarter of stronger-than-expected earnings Tuesday, thanks in large part to its low prices that continue to resonate with inflation-stricken customers. A Walmart spokesperson told Fortune that any price changes are speculative at this point, but future tariff-induced cost increases would be an additional burden to already price-sensitive shoppers.

“We’re concerned that significantly increased tariffs could lead to increased costs for our customers at a time when they are still feeling the remnants of inflation,” the spokesperson said in a statement. 

According to the company, two-thirds of its dollars are spent sourcing products manufactured, assembled, or grown in the U.S. It has been navigating tariffs in some capacity for several years, and plans to work with government officials and suppliers to mitigate the impact of any significant taxes on consumer prices.

Trump, who has proclaimed himself a “Tariff Man,” has made tariffs a significant part of his platform, and has an aggressive plan that includes a 60% tax on all Chinese imports and a 10% tax on imports from all other countries. While the former president argues the tariffs will help elevate America’s manufacturing power, the Peterson Institute for International Economics warned the proposed tariffs would cost middle-class households between $1,700 and $2,600 annually, depending on how aggressive Trump’s plans are.

Rainey’s sentiments echo those of nearly 200 companies in the S&P 1500 that mentioned tariffs in earnings calls or conferences with investors since the beginning of September, according to the London Stock Exchange Group. Companies from Lowe’s to beauty brand e.l.f. have already begun to strategize on how to minimize the impact of taxed imports. Since 2019, e.l.f. has decreased the proportion of products it sources from China from 99% to 80%.

“We certainly have run a number of scenarios for potential tariffs and I think [it’s] still too early to tell what level those may come in,” e.l.f. CFO Mandy Fields said on a Nov. 6 earnings call. “But we have a playbook and we have a number of levers at our disposal.”

Beyond the potential impact of tariffs, Walmart is also concerned with the rippling effects of  an Ozempic boom. After Walmart said last year that GLP-1 agonist usage impacted food sales, CEO Doug McMillon added during Tuesday’s earnings call that high demand for the drugs has created “margin pressure” for the company, and could impact sales in other categories.

“The margin gains we’ve reported this year in the U.S. have been burdened by meaningful product headwinds from the outsized sales growth in health and wellness relative to general merchandise,” McMillon said.