Good morning, CFOs. GM urges employees to lobby against California’s 2035 gas-car ban; Trump attacks Walmart on social media; plus, how Target doubled down on DEI

General Motors went all in on electric cars. Now it is racing to reverse the nation’s most aggressive EV mandate.

“We need your help!” GM said in an email it sent this past week to thousands of its white-collar employees. “Emissions standards that are not aligned with market realities pose a serious threat to our business by undermining consumer choice and vehicle affordability.”

GM, one of the biggest sellers of EVs in the U.S., is encouraging employees to use scripted talking points to lobby senators. The goal is to nullify a 2022 California measure that would ban the sale of new gasoline-powered cars and trucks by 2035, a mandate that has since been adopted by 11 other states. The Senate could vote as early as next week to revoke a waiver that allows California to set its own stricter tailpipe-emissions standards.

• Week Ahead for FX, Bonds: PMI Data in Focus as Investors Gauge Impact of Tariffs on Economy

Monday

Earnings: Ryanair Holdings

Tuesday

Earnings: Home Depot, Keysight Technologies, Palo Alto Networks and Viking Holdings

Wednesday

Earnings: Lowe’s, Medtronic, Snowflake, Target, TJX Cos., Urban Outfitters, V.F. Corp. and Zoom Communications

Thursday

Earnings: Analog Devices, Autodesk, BJ’s Wholesale Club Holdings, Copart, Deckers Outdoor, Intuit, Ralph Lauren, Ross Stores, Toronto-Dominion Bank, Williams-Sonoma and Workday

S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for May.

The National Association of Realtors reports existing-home sales for April.

Friday

The Census Bureau reports new home sales for April.

President Trump attacked Walmart on social media Saturday, after the retail giant became the biggest company so far to signal that tariff-related price increases are coming for American shoppers.

Trump said Walmart shouldn’t blame its price increases on tariffs.
“Walmart made BILLIONS OF DOLLARS last year,” he wrote in a post Saturday on Truth Social. “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”

Walmart Chief Executive Doug McMillon last month was among a small group of retail CEOs who met with Trump and warned him that tariffs would result in higher prices for American consumers, according to people familiar with the meeting.

On Thursday, the warning proved correct, when Walmart said it planned to raise prices this month and early this summer as tariff-affected merchandise hits its store shelves. Walmart disclosed its price-increase plans and anticipated tariff costs as part of an explanation of its decision not to share a profit forecast for the current quarter.

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• Podcast: How Target Doubled Down on DEI, Then Backed Of
• Will Anyone Take the Factory Jobs Trump Wants to Bring Back to America?
• Clean Energy Is Under Attack Even Where It’s Booming
• Biden Diagnosed With Metastatic Prostate Cancer

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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