Walmart CEO Doug McMillon on efforts to mitigate consumer prices in wake of the tit-for-tat tariff battle between the U.S. and China.
The CEO Opens a New Window. of the nation’s largest retailer will not let trade Opens a New Window. tensions and tariff Opens a New Window. uncertainty impact U.S. consumers Opens a New Window. and businesses.
The tit-for-tat trade war between the U.S. and China could result in President Trump slapping an additional 25 percent tariff on $325 billion worth of Chinese goods. However, Walmart CEO Doug McMillan told FOX Business during an exclusive interview on “Mornings with Maria” Opens a New Window. that the retail giant has been working on mitigation strategies to try and keep consumer prices low.
“Certainly at Walmart we are going to do everything we can to keep that from happening,” he told Maria Bartiromo on Tuesday. “If in fact we have to go up and given the magnitude of the number that you mentioned, eventually that can happen that we do it as little and as light as possible — that’s our objective — we are trying to save people money.”
Last week Trump threatened to slap a tariff on all Mexican goods sold in the U.S. if the Mexican government didn’t do more to stop the surge of migrants crossing into the U.S. from Mexico. Mexican President Andrés Manuel López Obrador said on Tuesday that he expects to reach a deal with Trump ahead of the June 10 deadline.