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Retailers Call Latest Tariff Threat Reckless Escalation and Ask Congress to Intervene

The National Retail Federation tonight issued the following statement
from President and CEO Matthew Shay after President Trump said he is
considering tariffs on an additional $200 billion in Chinese goods if
China does not yield to U.S. demands:

“This is just what we predicted – a tit-for-tat trade war has erupted
and American families are caught in the middle. Higher prices for
everyday essentials and lost jobs threaten to sap the energy out of the
strong U.S. economy just as most Americans are starting to enjoy the
benefits of historic tax reform. This reckless escalation is the latest
reminder that Congress must step in and exert its authority on trade
policy.”

A study
conducted earlier this year for NRF and the Consumer Technology
Association found that tariffs on $50 billion of Chinese imports, as
announced last week, would reduce U.S. gross domestic product by nearly
$3 billion and lead to the loss of 134,000 American jobs, with four jobs
lost for every job gained. Imposing tariffs on an additional $100
billion of Chinese imports would bring the total impact to a $49 billion
reduction in GDP and the loss of 455,000 jobs.

About NRF

The National Retail Federation is the world’s largest retail trade
association. Based in Washington, D.C., NRF represents discount and
department stores, home goods and specialty stores, Main Street
merchants, grocers, wholesalers, chain restaurants and internet
retailers from the United States and more than 45 countries. Retail is
the nation’s largest private-sector employer, supporting one in four
U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to
annual GDP, retail is a daily barometer for the nation’s economy.

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