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.