Walmart's CFO tells FOX Business why it's consistently attracting higher-income shoppers.
Exclusive: Doug McMillon, CEO of Walmart He met with President-elect Trump in Maralago on Tuesday to discuss a variety of topics including investment in the United States, trade relations and innovation.
The country's largest private employer did not provide further details other than that it was a “great conversation”.
A Walmart spokesperson told FOX Business, “We're ready to help move our country forward.”
Walmart warns of higher prices if Trump's proposed tariffs are implemented
The conversation took place before Trump was sworn in as the 47th president on January 20. It also comes as a number of business executives from companies including Walmart, Dollar Tree and Costco have warned about the impact of Trump's proposed tariffs on inflation.
Based on Trump's proposalsA global tariff of 10 to 20 percent applies to imports from all foreign countries, and additional tariffs of 60 to 100 percent apply to imports from China. Trump also said that once he takes office, he will issue an executive order requiring Mexico and Canada to impose 25 percent tariffs on all products imported into the United States.
Doug McMillon, CEO of Walmart, delivers a keynote address during CES 2024 at the Venice Resort, Las Vegas, on January 9, 2024 in Las Vegas. (Ethan Miller/Getty Images/Getty Images)
The National Retail Federation, the largest U.S. retail group, estimated in a recent study that Trump's proposed tariffs could cost American consumers between $46 billion and $78 billion. Annual consumption power. However, Carolyn Leavitt, Trump's new White House press secretary, previously told FOX Business that during Trump's first term in office, tariffs on China “created jobs, stimulated investment and did not lead to inflation.” ”
Walmart CEO Doug McMillon, left, speaks during a news conference with President Trump in the Rose Garden of the White House in Washington, DC, on March 13, 2020. (Andrew Harr/Bloomberg via Getty Images/Getty Images)
McMillon and Trump previously worked together during Trump's first term, when McMillon was chairman of the trade panel.
National Retail Federation: Trump Tariffs Will Raise Consumer Prices
| ticker | security | the last | change | change % |
|---|---|---|---|---|
| WMT | WALMART Inc. | 91.78 | +0.99 |
+1.09% |
The Business Roundtable is a forum of more than 200 executives from leading American companies that support one in four American jobs and nearly a quarter of the United States' gross domestic product. Members are charged with developing and supporting policies that promote continued economic growth and increased opportunity for Americans.
Doug McMillon, CEO of Walmart, speaks at the White House in Washington, DC in March 2020. (Drew Anger/Getty Images/Getty Images)
Business Roundtable CEO Joshua Bolton said McMillon brings a unique perspective to the nonprofit given Walmart's influence in the United States. United States
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McMillon “brings an important perspective to the policy debate surrounding the future of American jobs, innovation and competitiveness,” the bulletin said.
During his tenure from 2020 to 2022, McMillon helped the business community manage the COVID-19 crisis.