NRF: Tariffs against China to Hurt Recent Economic Progress

Trump administration’s recently unveiled tariffs on USD 50 billion of Chinese imports would undermine recent economic progress, according to the US National Retail Federation.

“Tariffs are taxes on American consumers, plain and simple. 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,” Matthew Shay, NRF President and CEO, said.

“Tax reform has increased the paychecks of American workers, encouraged U.S. companies to expand and invest in their workforces, and unleashed the strongest levels of consumer confidence in a generation. Unfortunately, these tariffs and the retaliation China has promised put all this economic progress at risk. Once again, we urge the administration to change course and develop a clear and comprehensive strategy to hold China accountable,” Shay added.

A study commissioned by NRF and the Consumer Technology Association found that tariffs on USD 50 billion of Chinese imports, coupled with the impact of retaliation, would lead to four job losses for every job gained and reduce US gross domestic product by nearly USD 3 billion.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >