Investing.com -- Shares of Walmart (NYSE: WMT ) fell by 1.7% ahead of the bell on Monday, underperforming against the S&P 500 futures which saw a 1% decline. The drop comes in the wake of President Donald Trump’s remarks urging the retailer to absorb the costs of tariffs rather than passing them on to consumers.

The decline in Walmart’s stock appears to be a direct response to President Trump’s comments made on Saturday via Truth Social. Trump criticized Walmart for citing tariffs and economic turbulence as reasons for impending price increases. The company had previously indicated on May 15 that it would need to raise prices, a move explained by CFO John David Rainey who mentioned that customers would start to see the hikes in May, with more pronounced increases to follow.

President Trump took to social media to express his views, stating, "Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ’EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!"

Walmart’s performance was notably weaker than its peers in the early trading hours, with Costco (NASDAQ: COST ) down only 0.7% and Target (NYSE: TGT ) decreasing by 1.4%. The market’s reaction to Trump’s comments reflects concerns over how the retailer will manage the costs associated with tariffs and the potential impact on its pricing strategy and profitability.