Theoretically, the sentence "We shouldn't give children whatever they want" could create confusion because "whatever" can mean "anything" in some contexts. This might lead someone to (mis)interpret it as "We can't give them anything they want at all" (which is an extreme, absolute interpretation).
However, in everyday English, the intended meaning—"We shouldn't give children everything they want"—is much more common and natural. Context usually makes this clear.
To avoid theoretical confusion, you could rephrase it as:
"We shouldn't give children everything they ask for."
or
"We shouldn't always give children what they want."
These versions remove ambiguity entirely.