The National Retail Federation issued the following statement from President and CEO Matthew Shay after the Trump administration released a list of $300 billion of Chinese goods that will be targeted by additional tariffs of 25 percent.
“We support the administration’s efforts to deliver a meaningful trade agreement that levels the playing field for American businesses and workers. But the latest tariff escalation is far too great a gamble for the U.S. economy. Slapping tariffs on everything U.S. companies import from China – goods that support U.S. manufacturing and provide consumers with affordable products – will jeopardize American jobs and increase costs for consumers.
“Taxing Americans on everyday products like clothes and shoes is not the answer for holding China accountable. Working with our allies who share the same concerns and immediately rejoining TPP are more effective ways to put pressure on China without hurting hardworking Americans. We urge the U.S. and China to get these critical negotiations back on track. Both sides will lose in a full-blown trade war, and the global economy will suffer.”
A study commissioned by Tariffs Hurt the Heartland and prepared by Trade Partnership estimated that imposing tariffs of 25 percent on all remaining imports from China, combined with the impact of retaliation, would jeopardize more than 2 million American jobs, cost the average U.S. family of four $2,300 each year and reduce the value of U.S. GDP by 1 percent.
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $2.6 trillion to annual GDP and supporting one in four U.S. jobs — 42 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.