Walmart holiday shopping
Shoppers in a Walmart store. AP

Walmart is warning against President Trump’s proposed border adjustment tax, saying it would raise the cost of goods for US shoppers.

“The border tax is a concern,” Walmart Chief Financial Officer Brett Biggs said Tuesday on a call with reporters. “Anything that would raise prices for customers in the US is a concern for us.”

The company had previously joined a coalition of retailers against the tax, but this is the first time executives have spoken out against it.

Trump proposed the tax, which would impose a 20% levy on Mexican imports, as a…