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Bessemer also revealed that he had a phone call with Doug McMillon, CEO of Walmart, on Saturday to discuss the latest developments of the world's largest retailer's plans to raise prices due to rising import taxes. U.S. President Donald Trump had previously stated on Saturday that Walmart should stop blaming price increases on tariffs and instead "absorb the tariff costs." "In fact, Walmart will, as you say, absorb some of the tariff costs, just as they did in 2018, 2019, and 2020," Bessemer said. "Overall, we see that service inflation is decreasing, and inflation is falling for the first time in four years." Bessemer emphasized that he did not pressure Walmart: "Doug and I have a good relationship, so I just want to hear directly from him, rather than second or third-hand information from the media. These all come from their financial earnings calls, where companies have to give the worst assumptions."