NRF: New round of tariffs will ‘throw away” tax reform benefits
The Trump administration’s plant to impose a 25% tariff on another $16 billion worth of imports from China starting Aug. 23 drew an immediate reaction from a leading retail organization.
“This is just another step toward throwing away the benefits of tax reform that have given our nation’s economy a badly needed boost,” said Matthew Shay, president and CEO, NRF. “These tariffs might be part of an effort to bring about fair trade with China, but as we’ve said before all we have seen so far is a huge risk for American consumers and workers with no endgame in sight. It’s time to stop digging a deeper hole while we can still climb out.”
In response to the administration’s announcement, the Chinese Ministry of Commerce announced that China would impose an equal tariff of 25% on $16 billion worth of U.S. goods coming into China.
The new set of measures are the second round of tariffs that President Donald Trump originally announced in March. An initial round of tariffs on $34 billion worth of Chinese imports that went into effect in early July.
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