Walmart CFO tells FOX Business why it’s continually gaining more high-income shoppers.
Exclusive: Walmart CEO Doug McMillon Trump met with President-elect Trump at Mar-a-Lago on Tuesday to discuss a range of topics, including investment in the United States, trade relations and innovation.
The nation’s largest private employer would not provide further details beyond “It’s been a great conversation.”
“We stand ready to help move our country forward,” a Walmart spokesperson told FOX Business.
Walmart warns of higher prices if Trump implements proposed tariffs
The conversation took place before Trump was sworn in as the 47th president on January 20. It also comes as a slew of corporate executives from companies including Walmart, Dollar Tree and Costco have raised alarms about the impact of Trump’s proposed tariffs on inflation.
Under Trump’s proposalsA global tariff of 10% to 20% will be imposed on imports from all foreign countries, and additional tariffs of 60% to 100% will be imposed on imports from China. Trump also said he will issue an executive order when he takes office to impose 25% tariffs on Mexico and Canada on all products coming into the United States.
Walmart CEO Doug McMillon delivers a keynote speech during CES 2024 at the Venetian Resort Las Vegas in Las Vegas on January 9, 2024. (Ethan Miller/Getty Images/Getty Images)
The National Retail Federation, the largest retail trade group in the United States, estimated in a recent study that Trump’s proposed tariffs could cost American consumers between $46 billion and $78 billion in 2019. Purchasing power annually. However, Carolyn Leavitt, Trump’s incoming White House press secretary, previously told FOX Business that during Trump’s first term, tariffs on China “created jobs, stimulated investment and produced no inflation.”
Walmart CEO Doug McMillon, left, speaks during a press conference with President Trump in the Rose Garden of the White House in Washington, D.C., on March 13, 2020. (Andrew Harrer/Bloomberg via Getty Images/Getty Images)
McMillon and Trump previously collaborated during Trump’s first term, when McMillon served as president of the Business Roundtable.
Trump’s tariffs will raise consumer prices: National Retail Federation
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| And die | Walmart Inc | 91.78 | +0.99 |
+1.09% |
The Business Roundtable is an association of more than 200 CEOs of America’s leading companies that support one in four American jobs and nearly a quarter of U.S. gross domestic product. Members are charged with developing and advocating for policies that stimulate continued economic growth and expand opportunity for Americans.
Walmart CEO Doug McMillon speaks at the White House in Washington, D.C. in March 2020. (Drew Angerer/Getty Images/Getty Images)
Joshua Bolten, CEO of the Business Roundtable, said McMillon brought a unique perspective to the nonprofit, given Walmart’s influence in the United States. The company reaches thousands of communities with more than 4,600 Walmart locations and 600 Sam’s Clubs, employing approximately 1.6 million workers in the U.S.
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McMillon “brings an important perspective to the political debate about the future of work, innovation, and America’s competitiveness,” Bolten said.
During his tenure from 2020 to 2022, McMillon helped the business community manage the COVID-19 crisis.
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