The National Retail Federation has come out against the Trump administration’s move to issue tariffs on $50 billion of Chinese imports.
“Tariffs are taxes on American consumers, plain and simple,” said Matthew Shay, NRF’s president and CEO. “These tariffs won’t reduce or eliminate China’s abusive trade practices, but they will strain the budgets of working families by raising consumer prices.”
Shay added that the tariffs would offset any gains made by American consumers and businesses alike from the recently passed tax reform.
“Unfortunately, these tariffs and the retaliation China has promised put all this economic progress at risk,” he said. “Once again, we urge the administration to change course and develop a clear and comprehensive strategy to hold China accountable.”
The NRF said that a study commissioned by NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, coupled with the impact of retaliation, would lead to four job losses for every job gained and reduce U.S. gross domestic product by nearly $3 billion.