Executives at the largest retailer in the United States acknowledged the new environment, but told investors that they were confident in the company’s strategy.

Walmart, the nation’s largest retailer, is standing behind its full-year sales and operating income outlook even as President Donald Trump escalates his tariff wars with China and other countries that

The retailer says the “range of outcomes’” for operating income growth has widened and that it wants to maintain flexibility to “invest in price as tariffs are implemented.”