NRF repeats call to repeal China tariffs to ease inflation

In the face of record inflation, the National Retail Federation continues to urge the Biden administration to eliminate the Trump-era tariffs on goods from China.

U.S. consumer prices in June accelerated at the fastest annual pace since November 1981, according to the latest U.S. Bureau of Labor Statistics’ latest Consumer Price Index report. The Index reflected a year-over-year increase of 9.1% last month, up from 8.6% in May. Excluding food and energy prices, the CPI increased 5.9%, down from 6.7% in March.

In the wake of the report, the NRF issued a statement in which it once again called on the Biden administration to remove China tariffs which it said cost American families more than $1,200 annually.

“We know that talks are underway with administration officials and the Chinese government to remove these tariffs,” said NRF president and CEO Matthew Shay. “Today’s inflation numbers reinforce that the time for talking is done and the time for decisive action is now.”

In addition to ending the tariffs, Shay called for the support of other policy measures that will lower costs, such as the recent passage of the Ocean Shipping Reform Act for which it thanked the administration and bipartisan congressional majorities for supporting. 

“While these actions alone may not solve inflation, they will put much-needed dollars back into the pockets of consumers at a time when every dollar of cost savings is essential,” he stated.

[Read More: Survey: Inflation changing how consumers shop]