Walmart CEO Hopes US, China Can Solve Trade Issues For ‘Collaborative’ Relationship

Walmart CEO Doug McMillon said Wednesday he hopes the United States and China establish a “collaborative” relationship as the coronavirus pandemic threatens to blow up the countries’ recent trade deal.

“We hope that these countries will work together, this administration and in the 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 companies and farmers want that too.”

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

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

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

In July, China fell behind on purchasing commitments to the United States under a Phase 1 trade deal that President Trump hailed as a signing of his first term.

After a slow start as the COVID-19 pandemic rocked global trade, Beijing bought just $ 56.4 billion worth of U.S. goods this year, according to Chinese data. The partial trade deal signed in January said China, over the next two years, was to buy $ 200 billion more in U.S. exports than the roughly $ 130 billion it bought in 2017.

WALMART, INSTACART PARTNER FOR SAME DAY DELIVERY TO 4 AMERICAN MARKETS

McMillon also addressed the need for government support for small businesses amid the coronavirus pandemic. Walmart has hired about 500,000 people since mid-March, but many of those roles are temporary, he said.

“A lot of these people have lost their jobs,” McMillon said. “They need to have jobs to return to. We need Congress to come together to determine what steps need to be taken to ensure small businesses are protected.”

Walmart shared its profits on Tuesday. Profits at the retailer rose 79% in the three months to June as more Americans ordered products online while avoiding the COVID-19 pandemic from their homes.

WALMART PROFITS SURPRISE AS CORONAVIRUS STRENGTHENS ONLINE SHOPPING SALES

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

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

Jonathan Garber and RN White of Fox Business contributed to this report.