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Graphite One (TSXV:GPH,OTCQX:GPHOF) announced on November 13 that it has identified rare earth elements (REEs) at its Graphite Creek deposit, located north of Nome, Alaska.

“The presence of two Defense Production Act Title III materials — graphite and REEs — in a single deposit further underscores Graphite Creek’s position as a truly generational deposit,” said President Anthony Houston.

“Given the robust economics of our planned complete graphite materials supply chain, the presence of Rare Earths at Graphite Creek suggests that recovery as a by-product to our graphite production will maximize the value.”

Geochemical analysis of drillcore samples reveals elevated levels of heavy rare earths and all five principal permanent magnet REEs: neodymium, praseodymium, dysprosium, terbium and samarium.

Testwork is ongoing at the University of Alaska Fairbanks’ Advanced Instrumentation Laboratory, and at Activation Laboratories. Graphite One is also collaborating with a US Department of Energy national lab on REE extraction.

REEs are essential to modern technologies, from permanent magnets in wind turbines and electric vehicles, to high-performance fiber optics, lasers and defense systems.

China, which dominates global production of both magnet REEs and graphite, imposed export limits last year and has continued to expand these restrictions in 2025.

Graphite One is advancing a US-based graphite supply chain, including transport from Nome to an advanced graphite and battery materials plant in Warren, Ohio, with a co-located recycling facility to reclaim graphite and other materials.

Graphite Creek has received support through a US$37.5 million Defense Production Act Title III grant, as well as non-binding letters of interest totaling US$895 million from EXIM Bank.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) said on Monday (November 17) that it has signed a joint development agreement with environmental technology company Calix (NYSE:CALX,ASX:CXL) to develop Calix’s Zero Emissions Steel Technology (Zesty) green iron demonstration plant in Western Australia.

If approved, the plant will be built at a site in Kwinana, south of Perth, that was previously earmarked for Rio Tinto’s BioIron research and development facility and associated pilot plant.

Under the deal with Calix, Rio Tinto will invest more than AU$35 million, pending project milestones. Funding from the mining giant will include both in-kind and financial contributions.

The plant received AU$44.9 million in Australian Renewable Energy Agency support in July.

Rio Tinto’s work will include helping Calix reach a final investment decision through technical support, engineering services and advocacy. Subject to a final investment decision and successful project construction, Rio Tinto will provide up to 10,000 tonnes of various Pilbara iron ores for plant commissioning and the initial testing phase.

The miner will also provide introductions to potential customers for downstream use of the Zesty product.

“The world needs low-emissions steel if it is going to decarbonise, and we continue to look at a range of ways Pilbara iron ores can help to do this as new technologies emerge,” said Rio Tinto Iron Ore Chief Executive Matthew Holcz.

He added that Rio Tinto will keep progressing BioIron with its partners, the University of Nottingham and Metso. However, the company has decided that the current furnace design requires additional development.

“Both projects are part of our work to reduce emissions and support the future of iron ore in Australia and the communities that depend on it,’ Holcz added, referring to Zesty and BioIron.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Researchers have documented the first known recovery of naturally formed nanoscale monazite from a living plant, potentially opening up new paths to recover in-demand rare earth materials.

The study, published this month in Environmental Science & Technology, identifies nanoscale monazite crystals inside Blechnum orientale, an evergreen fern known to accumulate rare earths at unusually high concentrations.

The work was carried out by researchers at the Guangzhou Institute of Geochemistry under the Chinese Academy of Sciences, in collaboration with a geoscientist at Virginia Tech in the US.

In the paper, the authors write that the discovery “opens new possibilities for the direct recovery of functional rare earth element (REE) materials,” adding, “To our knowledge, this is the earliest reported occurrence of rare earth elements crystallising into a mineral phase within a hyperaccumulator.”

The method, known as phytomining, relies on certain plants that naturally pull unusual amounts of metals from the ground. In this case, the fern absorbed rare earths so efficiently that tiny mineral crystals formed inside its tissues.

The mineral identified — monazite — is normally created deep underground under intense heat and pressure.

The team’s analysis shows that the fern somehow produced nanoscale versions of it under normal surface conditions, with the highest concentrations found in its leaflets and roots. In this state, the plant appears to lock the metals outside its cells as a way of protecting itself, with the process enabling the mineral to crystallize.

Monazite is prized for uses ranging from lasers to electronics to materials that withstand high heat and radiation, so finding it naturally produced inside a plant could open up a new, lower-impact source of rare earths.

REEs take priority in global supply race

REEs, a group of metals used in permanent magnets, lasers, consumer electronics and advanced defense systems, are receiving renewed international scrutiny as governments race to reduce dependence on concentrated supply chains.

Earlier this month, the US Department of the Interior published its final 2025 list of critical minerals, naming 60 minerals deemed vital to the American economy and exposed to supply risk.

The list emphasizes the importance of rare earths, which the US imports heavily, and highlights neodymium, scandium and dysprosium as metals where supply disruptions would impose the “highest cost” on the US economy.

Washington has moved in parallel to strengthen access to rare earths through domestic production, expanded mapping of US deposits and agreements with partners in Australia, Japan, Malaysia and Thailand.

In addition to these efforts, US officials continue to signal confidence that Beijing will adhere to commitments under a rare earths framework outlined last month.

Secretary of the Treasury Scott Bessent said in a recent interview that a deal with China will “hopefully” be done by Thanksgiving, while also rejecting a report suggesting that Beijing is planning new restrictions on US companies.

Are plants a viable source of rare earths?

The use of ferns for mineral extraction remains at an early stage, and the researchers emphasize that phytomining is not a replacement for conventional production.

But finding mineralized rare earths in a living organism offers a proof of concept that could broaden how countries approach resource development at a time when REEs remain strategically critical for major economies.

As the US, China and other nations look for secure supply routes, the possibility that plants themselves may contribute to the pipeline adds a new dimension to a field dominated by mining companies.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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East Star Resources (LSE:EST) and Endeavour Exploration announced they have entered into a binding earn-in and joint venture (JV) agreement to advance gold exploration in Kazakhstan.

Endeavour Exploration, a subsidiary of top gold producer Endeavour Mining (LSE:EDV,TSX:EDV,OTCQX:EDVMF), will have the right to earn up to an 80 percent interest in a new JV company via staged investments.

Stage 1 includes a US$5 million payment within two years, equivalent to a 51 percent interest. If an additional US$20 million is given over three years, its interest will increase to 70 percent.

The last 10 percent will be given to Endeavour if it funds and completes a prefeasibility study.

During the initial phase, East Star will act as manager of the JV.

The area of interest for the partnership includes two proven, underexplored mineral belts.

‘This agreement with Endeavour is a transformational milestone for East Star that validates the quality of our exploration programme and provides a clear pathway to unlock the full potential of our gold exploration strategy,” said East Star Resources CEO Alex Walker in a November 13 press release.

While the JV will focus on gold, East Star is also pursuing copper in Kazakhstan.

Its assets include a volcanogenic massive sulfide deposit with a JORC-compliant resource estimate of 20.3 million metric tons at 1.16 percent copper, 1.54 percent zinc and 0.27 percent lead.

An investor webcast is scheduled for Tuesday (November 18) to discuss the terms of the JV.

Both parties will fund the JV company in proportion to their ownership share after the earn-in period.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Facilities designed to discourage abortion have seen tens of thousands of additional clients in the wake of the Supreme Court’s landmark Dobbs ruling, according to a study published Monday.

The Charlotte Lozier Institute, the research arm of the pro-life organization SBA Pro-Life America, found in its annual report that the facilities, often known as pregnancy resource centers, surpassed one million clients for the first time in 2024.

That total is up from 974,965 in 2022, when the high court scrapped the federal right to abortion and flipped the issue back into the hands of states. The study looked at data from roughly 3,000 facilities nationwide.

The centers poured nearly half a billion dollars into supporting their clients, and the dollar value of material goods, such as diapers, strollers and cribs, provided to clients rose 48% from 2022.

Marjorie Dannenfelser, president of SBA Pro-Life America, told reporters on Monday the centers were an answer to the prevalence of abortion since Dobbs that the Charlotte Lozier Institute has attributed, at least in part, to easy access to abortion pills, which people can purchase by mail.

Pregnancy resource centers have ‘become even more important, especially with the horrific national policy that we have on the abortion drug which has led to the increase of abortions to around 1.1 million,’ Dannenfelser said.

‘You have a Planned Parenthood organization and a big abortion movement that, to the problem of addiction, says when she enters a clinic, or she goes online, ‘Here’s your pill. Have a nice life,’’ Dannenfelser said.

‘Pregnancy centers, with the support of care workers, are going to the roots of the problem, to addiction, domestic abuse, homelessness, of the problem of just physically getting to your job so that you can do your job and support your family, the question of finishing school that you find yourself needing more resources and community and help at a moment where you want to say yes to your child and you also want to say yes to your own life and its trajectory,’ she said.

Pregnancy centers have faced criticism, largely from the left, that they deceive their clients and donors into thinking they are not firmly against abortion and mislead clients about their ability to practice medicine. A lawsuit centered on that fight is pending before the Supreme Court; the high court will hear oral arguments in the case next month.

The report showed that clinics offer a range of services, from providing tangible items to adoption agency services, counseling and a variety of medical services, including abortion pill reversal, pregnancy tests, ultrasounds and STD screening.

The Charlotte Lozier Institute also said it found that more than 60% of women who have had abortions would rather have given birth if they had had more emotional and financial support.

‘When we have the courage to ask the questions of real women in the real world, this is what we find over and over and over again,’ Dannenfelser said.

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China’s military buildup has reached what a new congressional report calls a ‘war footing,’ with hundreds of new missile silos and expanding nuclear capabilities that could erode America’s long-standing deterrence edge in the Indo-Pacific.

China has built roughly 350 new intercontinental missile silos and expanded its nuclear warhead stockpile by 20% in the past year, part of a sweeping military expansion that the U.S.-China Economic and Security Review Commission says could strain U.S. readiness to counter Chinese aggression.

The commission’s 2025 annual report to Congress says Beijing’s rapid nuclear buildup, combined with new artificial intelligence-driven warfare systems, is transforming the People’s Liberation Army into a force ‘capable of fighting and winning a war against the United States’ — even without matching U.S. nuclear numbers.

According to the report, China has unveiled an AI-powered electronic warfare system capable of detecting and suppressing U.S. radar signals as far as Guam, the Marshall Islands and Alaska, and is now deploying 6G-based platforms across its armed forces.

The report says China unveiled a new 6G-based electronic warfare platform in mid-2025, capable of coordinating radar jamming and signal interception across long distances. The system reportedly uses high-speed data links and artificial intelligence to synchronize attacks on U.S. and allied radar networks — a preview of what Beijing calls ‘intelligentized warfare.’

 At a military parade in Beijing this September, China for the first time displayed a full nuclear triad — missiles launchable from land, air and sea.

The commission warns these advances, paired with China’s political crackdown and economic leverage, could allow Beijing to act ‘quickly and decisively in a crisis,’ shortening the time the U.S. and its allies would have to respond to aggression.

The commission is urging Congress to require the Pentagon to conduct a full audit of U.S. readiness to defend Taiwan, warning that Washington may no longer meet its legal obligations under the Taiwan Relations Act. The report calls for a classified and unclassified assessment of whether U.S. forces could ‘resist any resort to force or coercion’ by China — even in a scenario where the United States is also facing simultaneous aggression from Russia, Iran or North Korea.

Read the report below. App users: Click here

A war over Taiwan, the commission cautions, could wipe out up to 10% of global GDP — a shock on par with the 2008 financial crisis — and carry a ‘cataclysmic’ risk of nuclear escalation and wider conflict in the Indo-Pacific.

China now holds around 600 nuclear warheads. The Pentagon has assessed China is aiming to own 1,000 by 2030. 

The report further warns that China’s economic coercion is compounding the threat, pointing to Beijing’s dominance in foundational semiconductors, rare earth minerals, and printed circuit boards. It says these dependencies could leave the United States ‘reliant on its rival for the backbone of its modern economy and military.’

Among 28 recommendations, the commission calls for Congress to bar Chinese-made components from U.S. power grids, create a unified economic statecraft agency to enforce export controls, and reaffirm diplomatic backing for Taiwan — including its partnership with the Vatican, one of Taiwan’s few remaining formal allies that Beijing has sought to isolate through church diplomacy.

‘China’s rapid military and economic mobilization shortens U.S. warning timelines,’ the report concludes, warning that without a coordinated response, America’s deterrence posture ‘risks falling short’ against Beijing’s expanding capabilities.

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House Republicans are cautiously supportive of a bipartisan bill aimed at forcing the Department of Justice (DOJ) to release all its files on Jeffrey Epstein’s case after President Donald Trump gave the bill his stamp of approval on Sunday night.

GOP lawmakers who spoke with Fox News Digital Monday evening said they would vote for the bill and were optimistic their colleagues would as well — though many of them said they still had concerns about how it was written.

It comes after Speaker Mike Johnson, R-La., who had been against the bill but pushing parallel transparency efforts in Epstein’s case, said he hoped it would undergo material changes when it reached the Senate to give more protection for innocent people whose names may appear in the files against their wishes.

‘I have real concerns about the discharge language in the House draft,’ Johnson said. ‘But I do have some comfort that, I think if and when it’s processed in the Senate, that they’ll be able to correct some of those concerns, if we have the protection of victims and whistleblowers and all the rest.’

The legislation is coming to the House floor on Tuesday afternoon via a mechanism called a discharge petition led by Rep Ro. Khanna, D-Calif., and Rep. Thomas Massie, R-Ky. The latter has found himself at odds with both Johnson and Trump on several key issues this year.

A discharge petition allows a bill to get a House-wide vote against leaders’ wishes, provided the petition gets support from most lawmakers in the chamber — which in this case, it did last week.

Rep. Byron Donalds, R-Fla., a Trump ally who is running for governor in Florida, said he would vote for the bill but shared Johnson’s concerns.

‘Number one, Congress has never released criminal files ever in the history of Congress. Two, there are victims, and I know we’re supposed to be trying to do what we can to sanitize their names or cover their names or redact their names, but you know, that doesn’t mean it’s going to be foolproof,’ Donalds said.

‘You could have victims that don’t want to be released, be identified, and then they have to go relive this again. What about those women? What if those women have kids now? What if those women have husbands now and they don’t want to go through this? So I think there’s a reason why political bodies don’t release criminal files.’

Donalds said he would vote to release the files, however, to move past this chapter and help victims get closure.

‘It’s become such a huge distraction here on Capitol Hill. And I do want to see justice for those victims, if they were abused,’ he said.

Republican Study Committee Chairman August Pfluger, R-Fla., said, ‘I’m gonna vote in favor of it, but it’s not perfect, and there’s a lot of things that need to be addressed.’

‘Transparency is key. My district needs transparency. The president has nothing to hide, but things that need to be fixed, have to be fixed in the Senate,’ Pfluger, who pledged to support the bill before Trump’s blessing, said.

Rep. Erin Houchin, R-Ind., said she had similar concerns ‘from the start.’

‘Once it goes to the Senate, if the Senate believes they need to have broader or, you know, bigger protections, then I think that’ll be up to the Senate to decide, but I’m ready to vote this out of the House and send it over to the Senate and get moving on it,’ Houchin said.

A member of the conservative House Freedom Caucus, Rep. Andy Ogles, R-Tenn., questioned whether such a move by Congress could get in the way of the DOJ’s active probes into Epstein.

‘I have concerns as well. I mean, you have the Department of Justice investigations taking place. Are we inadvertently interfering?’ he posed.

Ogles said, however, that he believed most House Republicans like himself would back the bill.

‘With the president coming out in support of it, I think that sends a clear message that he’s not afraid of what’s in it, the Democrats should be,’ he said.

Rep. Rich McCormick, R-Ga., similarly said he believed Trump’s support alleviated some difficulties for Republicans.

‘I think it releases any angst they might have when we’re voting for it,’ McCormick said. ‘I think most people will vote for it, I don’t think it’s going to be a controversial bill at all.’

Houchin told Fox News Digital, ‘I think he moved the needle tremendously, just to say, you know, let’s have a vote on it and let’s stop talking about it.’

But Rep. Russell Fry, R-S.C., disagreed that Trump’s support had a significant effect on shifting the tide.

‘I mean, maybe a little bit, but I think people were largely there anyway,’ Fry said. ‘We talked about this on the campaign trail, The guy was a total dirtbag, did unspeakable atrocities on women in our country, and the public wants closure…this has been the most transparent Congress and administration on this subject in the country’s history.’

Trump posted on Truth Social on Sunday night, ‘House Republicans should vote to release the Epstein files, because we have nothing to hide, and it’s time to move on from this Democrat Hoax.’

It appeared to lead to Rep. Troy Nehls, R-Texas, who notably said he would oppose the measure on Friday, changing his mind as of Monday night. He told reporters ‘everybody’ would vote in favor of the bill and pointed out, ‘Donald Trump made a decision.’

House Oversight Committee Chairman James Comer, R-Ky., who was leading the Johnson-backed probe into Epstein, appeared similarly resigned on Monday.

‘At this point, I just think the best thing to do — there’s so much media frenzy and curiosity about this, and you know, the survivors act like they want everything to come out. I want everything to come out….any other villains in this, we’ll try to figure out what we can,’ he said.

And Massie told reporters that same evening that he would be open but cautious about any changes to his bill in the Senate.

‘If the Senate wants to improve this bill without limiting the disclosure, that would be fine by me. But if they try to monkey it up, I think those senators are gonna get in front of a freight train and be in a lot of trouble with their supporters,’ he warned.

Massie told Fox News Digital of Johnson’s concerns, ‘He needs to be for it or against it. I think he’s going to vote for it, so he must think there’s more good than bad.’

Senate Majority Leader John Thune, R-S.D., has not yet said what he would do if the bill passed the House on Tuesday.

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The U.N. Security Council on Monday adopted a U.S.-backed resolution to end the Gaza war and deploy an international stabilization force after Ambassador Mike Waltz urged members to support what he called ‘a bold, pragmatic blueprint’ born from President Donald Trump’s 20-point peace plan.

In an address to the council, Waltz described Gaza as ‘a hell on earth’ after two years of conflict, saying the resolution offered the world a chance to replace ‘rubble where schools once stood’ with ‘a path to peace.’ The measure passed 14–0, with two abstentions — including Russia — and was adopted.

‘Voting yes today isn’t just endorsing a plan,’ Waltz said. ‘It’s affirming our shared humanity. A vote against this resolution is a vote to return to war.’

The plan, developed through U.S.-led diplomacy with Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Turkey, Pakistan, and Indonesia, establishes a multinational stabilization force to secure Gaza, oversee demilitarization and protect civilians as Israel gradually withdraws.

Waltz said many of the peacekeepers will come from Muslim-majority nations, including Indonesia and Azerbaijan.

He credited Jared Kushner and special envoy Steve Witkoff with brokering the deal, which has already produced what he called ‘tangible results’ — a holding ceasefire and the release of 45 hostages by Hamas. Waltz said the United States remains committed to ensuring the return of the remaining hostages still believed to be held in Gaza.

‘This resolution charts a path for Palestinian self-determination after the Palestinian Authority completes key reforms,’ Waltz said. ‘It dismantles Hamas’s grip and ensures Gaza rises free from terror’s shadow — prosperous and secure.’

Following the vote, Waltz thanked Council members for what he called ‘a historic and constructive resolution’ and praised the coalition of nations that supported Trump’s plan.

He said the Board of Peace, which will be led by the president, ‘remains the cornerstone of our effort’ to rebuild Gaza and establish accountable local governance.

The board will coordinate humanitarian assistance, oversee reconstruction, and support a technocratic Palestinian committee responsible for day-to-day administration while the Palestinian Authority implements its reforms. Waltz said the stabilization force will ‘dismantle terrorist infrastructure, decommission weapons, and maintain the safety of Palestinian civilians.’

‘The path to prosperity requires security first,’ Waltz said. ‘Security is the oxygen that governance and development need to live and thrive.’

Russia abstained from the vote after circulating a rival draft. Waltz said hesitation and delay would only ‘cost lives,’ adding that ‘every day without this force, aid trucks lie idle, children starve, and extremists regroup.’

Trump praised the U.N. Security Council’s passage of the Gaza peace resolution Monday, calling it ‘one of the biggest approvals in the history of the United Nations.’

In a post on Truth Social, Trump congratulated world leaders and said the creation of the Board of Peace, which he will chair, represents ‘a moment of true historic proportion.’

Trump said the board will include ‘the most powerful and respected leaders throughout the world’ and pledged to announce additional members in the coming weeks. He thanked both Security Council members and partner nations — including Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Indonesia, Turkey, and Jordan — for backing the plan.

‘This will go down as one of the biggest approvals in the history of the United Nations,’ Trump wrote. ‘It will lead to further peace all over the world and is a moment of true historic proportion.’

Trump’s message echoed the themes laid out by Waltz, who credited the president’s leadership and diplomacy for uniting regional powers behind the peace initiative.

‘President Trump’s historic 20-point plan marks the beginning of a strong, stable, and prosperous region,’ Waltz said. ‘Under President Trump’s bold leadership, the United States will continue to deliver results alongside our partners to make lasting peace a reality.’

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President Donald Trump blamed his hoarse voice on a tense discussion with a foreign nation who attempted to renegotiate the terms of their trade deal. 

Trump sported a raspy voice during a meeting with the White House’s task force on the FIFA World Cup 2026, prompting a reporter to ask if he felt alright.

‘I feel great. I was shouting at people because they were stupid about something having to do with trade and a country, and I straightened it out, but I blew my stack at these people,’ Trump told reporters Monday.

When pressed about which country, Trump did not specify which nation sparked his ire and only said that he wasn’t pleased.

‘A country wanted to try and renegotiate the terms of their trade deal,’ Trump said. ‘And I wasn’t happy about it.’

When asked again which country, Trump said: ‘Why would I say that to you?’

The U.S. has engaged in trade talks with a number of countries in recent months, including Japan, Cambodia, Malaysia and Indonesia. Additionally, Trump met with Chinese President Xi Jinping in South Korea in October, where the two hammered out some negotiations on trade between the two countries.

For example, Trump said he agreed to cut tariffs on Chinese imports by 10% — bring down the rate from 57% to 47% — because China said it would work with the U.S. on addressing the fentanyl crisis.

Likewise, Trump said that he would not impose an additional 100% tariff on Chinese goods that were expected to kick in Nov. 1. Trump threatened the steep hike after China announced in October it would impose export controls on rare-earth magnets, which he said China had agreed to postpone by a year.

Afterward, Trump said that a broader trade deal between the two countries would be signed in the near future.

‘Zero, to 10, with 10 being the best, I’d say the meeting was a 12,’ Trump told reporters after meeting with Xi. ‘A lot of decisions were made … and we’ve come to a conclusion on very many important points.’

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Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through January 2027. Furner, 51, began his career at Walmart as an hourly associate.

McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history.

McMillon has overseen a radical transformation of Walmart’s image in a little over a decade.

In 2014, Walmart had a reputation as a budget retail option and was accused of underpaying its associates. Today, it draws more well-to-do shoppers and has earned credit for adopting innovative personnel policies.

McMillon also built up Walmart’s e-commerce operation into the country’s second-largest, behind only Amazon. Over the course of McMillon’s tenure, the value of Walmart’s shares has increased some 300%.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for more than 20 years. … He’s uniquely capable of leading the company through this next AI-driven transformation.”

America’s retail landscape continues to rapidly evolve, as consumer spending habits increasingly bifurcate between wealthier households and everyone else.

However, Walmart’s quarterly results have held steady — and the company has been justly rewarded by investors. Just this year, Walmart shares have climbed around 13%. Over the course of McMillon’s tenure, the retailer’s stock price is up some 300%.

On Walmart’s most recent earnings call in August, McMillon indicated the company has been able to withstand the broader pressures facing consumers. Its shoppers’ “behavior has been generally consistent,” he said. “We aren’t seeing dramatic shifts.”

Other retailers have not been so fortunate.

Target’s shares have lost about one-third of their value this year, as the chain works to regain its footing in a more value-conscious environment. In August, longtime CEO Brian Cornell announced plans to step down.

Amazon, meanwhile, has fared slightly better as consumers continue to prioritize the convenience of online shopping. But it recently announced thousands of layoffs affecting corporate employees. Amazon’s share price has climbed about 8% this year.

McMillon has also steered Walmart through a volatile period in U.S. politics, during which elected officials have engaged directly with companies and consumers have proven willing to boycott corporate giants over social issues.

Walmart found itself in President Donald Trump’s crosshairs in May, after it signaled plans to increase some prices in response to his tariffs.

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump wrote on his Truth Social platform. “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”

While subsequent reports indicated that Walmart had indeed increased prices on some items, McMillon said in August that the changes were gradual enough that consumer habits shifted only modestly.

Six months after Trump singled Walmart out over tariffs, he did so again — but for a very different reason.

In recent weeks, the Trump White House has repeatedly touted Walmart’s 2025 Thanksgiving menu package — which costs less overall than the retailer’s similar menu did last year — as a sign that the president’s economic policies have helped drive down grocery prices for consumers.

But there is a flaw in that rationale. This year’s Walmart Thanksgiving menu contains fewer items than last year’s menu did.

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