Retailers harshly critical of new tariffs
The news that the Trump administration plans to move forward with an additional 10% tariff on $200 billion worth of Chinese goods by Sept. 24 is being heavily criticized by retailers.
“We cannot afford further escalation, especially with the holiday shopping season right around the corner,” said Matthew Shay, president and CEO, National Retail Federation. “The mere talk of tariffs on all remaining Chinese imports is of serious concern to retailers since tariffs of that magnitude would touch every aspect of American life. Achieving better trade deals is an important priority, but there is nothing better about it when American families are forced to pay higher prices for everyday purchases.”
Hun Quach, VP of international trade for the Retail Industry Leaders Association, commented that consumers — not China — will bear the brunt of the tariffs.
“We are disappointed to see that warnings from importers and exporters representing every sector of the U.S. economy have not been heeded with no time for mitigation,” Quach said. “… While we support the Administration's goal of holding our trade partners accountable, American families, not China, will be paying a new tax on everything from toilet paper to home goods to furniture and pet supplies.”
NRF, RILA, and more than 100 organizations recently launched a multi-industry coalition — Americans for Free Trade — aimed at opposing tariffs and highlighting the benefits of international trade to the U.S. economy. The new coalition is coordinating with Farmers for Free Trade in a multi-million dollar national campaign known as Tariffs Hurt the Heartland.
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“We cannot afford further escalation, especially with the holiday shopping season right around the corner,” said Matthew Shay, president and CEO, National Retail Federation. “The mere talk of tariffs on all remaining Chinese imports is of serious concern to retailers since tariffs of that magnitude would touch every aspect of American life. Achieving better trade deals is an important priority, but there is nothing better about it when American families are forced to pay higher prices for everyday purchases.”
Hun Quach, VP of international trade for the Retail Industry Leaders Association, commented that consumers — not China — will bear the brunt of the tariffs.
“We are disappointed to see that warnings from importers and exporters representing every sector of the U.S. economy have not been heeded with no time for mitigation,” Quach said. “… While we support the Administration's goal of holding our trade partners accountable, American families, not China, will be paying a new tax on everything from toilet paper to home goods to furniture and pet supplies.”
NRF, RILA, and more than 100 organizations recently launched a multi-industry coalition — Americans for Free Trade — aimed at opposing tariffs and highlighting the benefits of international trade to the U.S. economy. The new coalition is coordinating with Farmers for Free Trade in a multi-million dollar national campaign known as Tariffs Hurt the Heartland.
Click here for expert commentary.