Walmart is preparing to raise prices in the US as soon as this month, as its own costs increase as a result of the new tariffs on imports imposed by President Donald Trump.

The plans by the world’s largest retailer come as White House announcements in recent weeks have resulted in most goods from around the world facing new import taxes of at least 10%, with products from China facing higher duties of at least 30%.

Reporting to investors on the firm’s performance on Thursday, chief executive Doug McMillon said he was grateful that the Trump administration had, for now, suspended plans for more aggressive levies.

But he said that his firm was still likely to raise prices to cover the new costs.

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

The firm also said it could not offer guidance to investors about its sales and profit expectations over the next three months, as it would ordinarily do, because of the “dynamic nature” of the situation.