Former President Donald Trump has announced that Wal-Mart has agreed to lower prices on certain items at the government's request and is urging other retailers to do the same, stating this move will benefit American consumers.

Trump posted on social media Monday, stating: "I have just been informed that one of America's largest, finest, and smartest retailers, Wal-Mart, will be slashing prices at the request of this administration, in celebration of the 250th anniversary of our nation."

Trump indicated that Wal-Mart "will be cutting the price of a pound of ground beef by nearly 15%, along with many other items," calling it "a major win for the millions of savvy American consumers who choose to shop at Wal-Mart."

He added: "Wal-Mart has taken a significant and bold step. Other retailers should follow the lead of these true patriots."

Following Trump's post, Wal-Mart issued a statement saying customers at its Walmart stores and Sam's Club locations "can look forward to savings on groceries, household essentials, outdoor living items, toys and apparel, with lower prices on the everyday necessities families rely on most and seasonal favorites."

Shares of Wal-Mart fell less than 1% in after-hours trading in New York.