President Trump's chaotic tariff policy is already squeezing retail giant Walmart (WMT).

Walmart has seen a "significant decline" in consumer sentiment over the last four weeks, according to a new survey of 250,000 customers, per fresh research from Citi retail analyst Paul Lejuez. Consumers polled by Walmart expressed concerns about their purchasing power.

The findings come amid frantic tariff headlines that are stoking fears of renewed inflation and a recession.

Lejuez hosted Walmart executives at Citi's consumer conference in Florida this week, where the new findings were shared.

The concerns don't stop there. Walmart is seeing sentiment "decline" broadly across income cohorts, regions, and political affiliations.

Moreover, some competitors have already raised prices on food due to tariff worries — Walmart didn't. That has resulted in wider price gaps on food compared to rivals, according to Lejuez. A "handful" of competitors have taken a 15% price increase on avocados, which are largely sourced from Mexico.

Read more: What Trump's tariffs mean for the economy and your wallet

Walmart has seen a sales slowdown in Mexico, but "not more than a little wobble" in Canada, accounts Lejuez.

The analyst maintained a Buy rating on Walmart's stock.

To be sure, Trump's trade war is well underway.

The president has paused 25% duties on Canadian and Mexican imports that comply with the United States-Mexico-Canada agreement (USMCA). But the president's 25% tariffs on steel and aluminum imports kicked in today, impacting Canada, Australia, and the European Union.

Trump has implemented a second round of 10% duties on Chinese imports, after instituting 10% in February. The country is a key supplier region for big box retailers like Walmart and rival Target (TGT).

The targeted countries have wasted no time hitting back.

China unveiled a 15% tariff on US chicken, wheat, corn, and cotton products, and an additional 10% tariff on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. The new tariffs from China began on Monday.

Canada announced a 25% tariff on 30 billion Canadian dollars of US imports. Tariffs on another CA$125 billion in goods will begin in 21 days.

Read more: Why Amazon's stock is so cheap

The European Union said it would impose tariffs on $28.33 billion worth of US goods starting in April, impacting everything from apparel to liquor.

"In this administration, there's a different focus, I think, on the tariff discussion where the administration is looking at trade imbalances and trying to use tariffs against many different companies in a more universal fashion. And so that has created, at least in the short term, a lot more uncertainty," Rubbermaid CEO Chris Peterson told me on Yahoo Finance's Opening Bid podcast (listen below).