The National Retail Federation (NRF) issued the following statement from Senior Vice President for Government Relations David French in response to the President’s threat to raise tariffs on $200 billion of Chinese goods from 10 to 25 percent.
“Tariffs are taxes paid by American businesses and consumers, not by China. A sudden tariff increase with less than a week’s notice would severely disrupt U.S. businesses, especially small companies that have limited resources to mitigate the impact. If the administration follows through on this threat, American consumers will face higher prices and U.S. jobs will be lost.
“We want to see meaningful changes in China’s trade practices, but it makes no sense to punish Americans as a negotiating tactic. If the administration wants to put more pressure on China, it should form a multinational coalition with our allies who share our concerns. We urge the administration to reconsider this tax hike on Americans and stay at the bargaining table until a deal is reached.”
NRF said a report from Trade Partnership found that increasing tariffs on $200 billion of goods to 25 percent, coupled with tariffs already in place and retaliation, would reduce U.S. employment by over 934,000 jobs, cost the average family of four $767 and reduce U.S. GDP by 0.37 percent.
Tariffs Hurt the Heartland, the nationwide grassroots campaign against tariffs, will host a town hall tomorrow in Cleveland, OH at the 2019 Great Lakes Economic Forum. During the event, Ohio business owners and farmers will discuss the impact of tariffs on the state’s economy. Watch live here.