Shay: Strategy based on unilateral tariffs is the wrong approach
July 05, 2018 — WASHINGTON–(BUSINESS WIRE)–The National Retail Federation today issued the following statement from President and CEO Matthew Shay in regard to U.S. tariffs on $34 billion of Chinese goods set to take effect Friday.
“With tariffs against China taking effect, American consumers are one step closer to feeling the full effects of a trade war. These tariffs will do nothing to protect U.S. jobs, but they will undermine the benefits of tax reform and drive up prices for a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats. And students could pay more for the mini-refrigerator they need in their dorm room as they head back to college this fall.
“We strongly urge the administration to abandon its plans for tariffs on another $200 billion in Chinese imports, which would destroy thousands of American jobs and raise prices on virtually everything sold in our stores. Reining in China’s abusive trade policies is a goal shared by many countries, but a strategy based on unilateral tariffs is the wrong approach and it has to stop.”
The National Retail Federation is the world’s largest retail trade association. Based in Washington, D.C., NRF represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest-private sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF.com