Target, other retailers ‘deeply troubled’ by trade war
Target is one of the latest retailers voicing their concern with the Trump administration’s newly imposed tariffs.
The discounter is "deeply troubled" by the Trump administration's escalating trade war, saying it threatens to undermine the U.S. economy, penalizes American families, and raises prices on everything from backpacks to playpens, according to CNBC.
On Sept. 17, the Trump Administration went ahead with 10% tariffs on $200 billion worth of imports from China. The tariffs, which go into effect Sept. 24, will jump to 25% at the end of this year.
In a letter dated Sept. 6, to U.S. Trade Representative Robert Lighthizer, Target’s chief merchandising officer Mark Tritton stated, "We are disappointed that despite broadly expressed concerns from companies and groups across a variety of industries, the administration has continued to escalate the threat of tariffs that would penalize American families.”
Target is one of hundreds of retailers and other companies pushing back against the tariffs. The company’s letter was in addition to a coalition of roughly 300 retailers, including Walmart, Sears, Dollar General, Ikea and Kohl’s, among others, that also sent letters strongly opposing the tariffs, according to the report.
Lighthizer, has received almost 6,200 comment letters on the proposed trade penalties so far, CNBC revealed.
To read more, click here.
The discounter is "deeply troubled" by the Trump administration's escalating trade war, saying it threatens to undermine the U.S. economy, penalizes American families, and raises prices on everything from backpacks to playpens, according to CNBC.
On Sept. 17, the Trump Administration went ahead with 10% tariffs on $200 billion worth of imports from China. The tariffs, which go into effect Sept. 24, will jump to 25% at the end of this year.
In a letter dated Sept. 6, to U.S. Trade Representative Robert Lighthizer, Target’s chief merchandising officer Mark Tritton stated, "We are disappointed that despite broadly expressed concerns from companies and groups across a variety of industries, the administration has continued to escalate the threat of tariffs that would penalize American families.”
Target is one of hundreds of retailers and other companies pushing back against the tariffs. The company’s letter was in addition to a coalition of roughly 300 retailers, including Walmart, Sears, Dollar General, Ikea and Kohl’s, among others, that also sent letters strongly opposing the tariffs, according to the report.
Lighthizer, has received almost 6,200 comment letters on the proposed trade penalties so far, CNBC revealed.
To read more, click here.