Tariffs might’ve shifted from consciousness, but as the US approaches the end of a 90-day pause on its planned reciprocal tariffs, they’re about to be top of mind again — and front of store, too.

Retailers and brands have mostly dodged price hikes thanks to well-timed orders, but many are now warning about higher prices and empty shelves. Even WalmartWMT

, one of America’s largest retailers, has said it would raise prices due to “the reality of small retail margins.”

When one raises prices, consumers worry the rest will follow. But there’s some consolation for DIYers, grillmasters, and gardeners…

No place like Home (Depot): Your groceries might be more expensive, but your home improvements won’t be; at least if you shop at Home DepotHD

. The retailer seems uniquely built for this moment, with over half of its merchandise sourced from the US. That’s why its merchandising chief is confident that “broad-based price increases” aren’t in the forecast.

• Instead of absorbing inflated costs on tariff-hit items, Home Depot says it would rather cut products that “don’t make sense” than pass along the markup — which could mean slimmer selection ahead.
• By mid-2026, Home Depot plans to source “no more than 10% of its products from any single foreign country,” a factor that will shield it from Trump’s confusing trade policies.

Eating the Costs

Home Depot’s strategy isn’t a silver bullet for tariff volatility, especially if extra costs for its US-based suppliers make their way downstream. But for now, this decision might be the only choice — albeit a costly one — to avoid worsening headwinds at the brand.

• In recent quarters, the chain has taken a hit from consumers putting off home projects; nine of its last ten quarters (including this one) saw same-store sales slip.
• Revenues rose 9.4% year-over-year in its latest showing, but net earnings per share missed analyst expectations, declining 3% and weighing on shares.

Prepping for rainy days: The revenue bump was welcome, though slower than Q1 2025’s surprisingly strong rebound, which had been driven by hurricane recovery spending and its fast-growing Pro segment. However, after its latest report,HD

investors may be wondering whether they’re leaning too much on well-off homeowners, unknowable trade deals from the White House, and spontaneous repair jobs to keep its engine humming.HD

is down 3% YTD. Its largest competitor, Lowe’sLOW

, reports on Wednesday.