Good morning. The Supreme Court’s ruling on President Trump’s tariff authority did more than redraw the boundaries of executive power. It also potentially shifted the operating environment for finance chiefs and manufacturers managing sustained trade-policy volatility.
“We ended 2025 down about 10% in sales from 2024, due in large part to that uncertainty,” he said.
During Walmart’s Feb. 19 Q4 earnings call, the company said first-quarter operating income growth is expected to be lower than any other quarter in the fiscal year, due in part to expense timing and year-over-year tariff impacts that began in last year’s second quarter.
