National Retail Federation Opposed to Increasing Tariffs on Goods from China


The National Retail Federation (NRF) has released a statement opposing the imposition of 25 percent tariffs on $300 billion in Chinese goods that have yet to be included in the round of mutually punitive tariffs.  In a statement by Matthew Shay, CEO of the NRF the organization noted, “We support the Administration’s efforts to deliver a meaningful trade agreement that levels the playing field for American businesses and workers” He added “the latest tariff escalation is far too great a gamble for the U.S. economy.” 


The NRF statement included, “Taxing Americans on everyday products like clothes and shoes is not the answer for holding China accountable.  Working with our allies who share the same concerns and immediately rejoining the Trans-Pacific Partnership are more effective ways to put pressure on China without hurting hardworking Americans.”  A study commissioned by a pro-business group, “Tariffs Hurt the Heartland” has projected that placing a 25 percent tariff on all remaining imports from China would result in up to two million American jobs losses, will cost the average family $2,300 each year and lower GDP by one percent.


Contributors to the CNBC Before the Bell program on May 21st predicted that existing tariffs are now being placed on current purchases and that proposed escalation or extension would result in store closures. In quarterly reports and analyst calls CEOs are already warning of lower margins and predicting impacts on the bottom line as a result of trade disputes.