A Walmart executive warned that President-elect Trump’s plans to raise tariffs on imports could drive the retail giant to increase the price of store items.

Retailers post earnings beats, Bitcoin price hits record, Microsoft conference shows AI progress has slowed, and other news to start your day.

The Walmart executive’s comments hint at the trickle-down impact of tariffs, as companies pay the import tax upfront and often pass on the higher input costs associated with these fees to consumers.