Walmart whispered a quiet but significant warning Tuesday that consumer-price inflation could surge if President-elect Donald Trump follows through on his vow to impose tariffs on a host of goods imported into the world's biggest economy. 

The world's largest retailer, which posted better-than-expected fiscal-third-quarter earnings and boosted its full-year profit forecast, is taking a bigger share of high-income earners' spending. 

These consumers are trading down for lower prices amid the impact of post-pandemic inflation on everything from food to clothing.

Walmart's  (WMT)  U.S. same-store sales rose 5.3% in the three months ended in October, compared with the year-earlier quarter, notching its strongest quarterly tally in nearly three years.

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