NRF calls latest tariff threat ‘reckless escalation’
The National Retail Federation is asking the U.S. Congress to intervene in the escalating tariff dispute with China.
The association called for intervention following the news that the Trump Administration is considering tariffs on an additional $200 billion in Chinese goods if China does not yield to U.S. demands. The move is seen as retaliation for China’s decision to raise tariffs on $50 billion in U.S. goods, which followed the the similar tariffs on Chinese goods announced by the White House on Friday.
“This is just what we predicted – a tit-for-tat trade war has erupted and American families are caught in the middle,” Matthew Shay, president and CEO, NRF. “This reckless escalation is the latest reminder that Congress must step in and exert its authority on trade policy.”
A study conducted earlier this year for NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, as announced last week, would reduce U.S. gross domestic product by nearly $3 billion and lead to the loss of 134,000 American jobs, with four jobs lost for every job gained.
Imposing tariffs on an additional $100 billion of Chinese imports would bring the total impact to a $49 billion reduction in GDP and the loss of 455,000 jobs, according to the NRF.
The association called for intervention following the news that the Trump Administration is considering tariffs on an additional $200 billion in Chinese goods if China does not yield to U.S. demands. The move is seen as retaliation for China’s decision to raise tariffs on $50 billion in U.S. goods, which followed the the similar tariffs on Chinese goods announced by the White House on Friday.
“This is just what we predicted – a tit-for-tat trade war has erupted and American families are caught in the middle,” Matthew Shay, president and CEO, NRF. “This reckless escalation is the latest reminder that Congress must step in and exert its authority on trade policy.”
A study conducted earlier this year for NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, as announced last week, would reduce U.S. gross domestic product by nearly $3 billion and lead to the loss of 134,000 American jobs, with four jobs lost for every job gained.
Imposing tariffs on an additional $100 billion of Chinese imports would bring the total impact to a $49 billion reduction in GDP and the loss of 455,000 jobs, according to the NRF.