Retail group to White House: ‘Stop playing chicken with the economy’
The news that President Trump instructed the United States Trade Representative to consider an additional $100 billion in tariffs on Chinese imports is raising alarm among retailers.
The proposed new tariffs follow the $50 billion in tariffs on China that the Trump Administration has already announced.
“This is what a trade war looks like, and what we have warned against from the start,” said Matthew Shay, president of the National Retail Federation. “We are on a dangerous downward spiral and American families will be on the losing end. To be clear, we agree it’s time to address China’s unfair trade practices, but an additional $100 billion in tariffs amount to $100 billion in taxes on the American people.”
Shay said that that the “tit-for-tat trade actions” could spell disaster for the U.S. economy and make it harder for Americans across the country to afford everyday products.
“It is inevitable that China will respond with more retaliatory actions that cause even further harm to American farmers, businesses and consumers,” he said. “We urge the administration to change course and stop playing a game of chicken with the nation’s economy.”
The Retail Industry Leaders Association also made its clear objections to the proposed new tariffs. Hun Quach, VP of international trade for RILA, said tripling that figure to $150 billion would expose every American family to higher bills.
"Tariffs on over $150 billion of imports will have an impact on the budgets of every American family,” Quach said. “If the Administration follows through on this threat, American families should prepare to pay more for summer clothes, shoes, back to school gear, home décor, holiday shopping — this will hit every season and every category. Tariffs of this magnitude will not only negate any increase from tax reform in worker's paychecks, but the combination of new taxes on consumers and retaliatory taxes on American exports has the potential to both depress consumer spending and slow down the economy.”
The proposed new tariffs follow the $50 billion in tariffs on China that the Trump Administration has already announced.
“This is what a trade war looks like, and what we have warned against from the start,” said Matthew Shay, president of the National Retail Federation. “We are on a dangerous downward spiral and American families will be on the losing end. To be clear, we agree it’s time to address China’s unfair trade practices, but an additional $100 billion in tariffs amount to $100 billion in taxes on the American people.”
Shay said that that the “tit-for-tat trade actions” could spell disaster for the U.S. economy and make it harder for Americans across the country to afford everyday products.
“It is inevitable that China will respond with more retaliatory actions that cause even further harm to American farmers, businesses and consumers,” he said. “We urge the administration to change course and stop playing a game of chicken with the nation’s economy.”
The Retail Industry Leaders Association also made its clear objections to the proposed new tariffs. Hun Quach, VP of international trade for RILA, said tripling that figure to $150 billion would expose every American family to higher bills.
"Tariffs on over $150 billion of imports will have an impact on the budgets of every American family,” Quach said. “If the Administration follows through on this threat, American families should prepare to pay more for summer clothes, shoes, back to school gear, home décor, holiday shopping — this will hit every season and every category. Tariffs of this magnitude will not only negate any increase from tax reform in worker's paychecks, but the combination of new taxes on consumers and retaliatory taxes on American exports has the potential to both depress consumer spending and slow down the economy.”