Walmart CEO hopes US, China can fix trade issues for ‘collaborative’ relationship

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Walmart CEO Doug McMillon said Wednesday he hopes the U.S. and China will build a “collaborative” relationship as the coronavirus pandemic threatens to blow up the countries’ recent trade agreement.

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“It is our hope that these countries will work together, this administration and in years to come, to find ways to have a collaborative relationship,” McMillon told “Mornings with Maria.” “We want to be able to do business in China. I know a lot of American businesses and farmers want to as well.”

A customer wearing a mask shops at a Walmart supermarket amid the coronavirus outbreak on July 16, 2020, in Houston, Texas. (Zeng Jingning/China News Service via Getty Images)

Walmart has more than 400 stores and clubs in China and is building up e-commerce operations there, McMillon said.

“We buy products out of China, but in the U.S. about two-thirds of what we sell is made in the United States,” he added.

Ticker Security Last Change Change %
WMT WALMART INC. 134.71 -0.89 -0.66%

The retailer’s profit spiked 79% in the three months through June as more Americans ordered goods online while riding out the COVID-19 pandemic from home.

WALMART PROFIT SURGES AS CORONAVIRUS BOOSTS ONLINE SHOPPING SALES

The Bentonville, Ark.-based big-box retailer earned $6.48 billion, or an adjusted $1.56 per share, topping the $1.25 that Wall Street analysts surveyed by Refinitiv were expecting. Total revenue rose 5.4% to $137.7 billion, beating the $135.48 billion consensus.

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Fox Business’ Jonathan Garber contributed to this report.

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