NRF: Upping the tariff will only increase harm that will be done
The White House’s announcement that it will consider imposing a tariff of 25% rather than 10% on $200 billion in goods from China drew an immediate response from one of the nation’s leading retail organizations. (A final decision on the rate isn’t expected until September at the earliest.)
“We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt U.S. families and workers more than they will hurt China,” said Matthew Shay, president and CEO, National Retail Federation. “Increasing the size of the tariffs is merely increasing the harm that will be done. And it’s even more than that – it’s two-and-a-half times the amount originally proposed. Tariffs are an unacceptable gamble with the U.S. economy and the stakes continue to rise with no end in sight.
Shay once again reiterated the NRF’s position that the tariffs will be passed along to U.S. consumers and will undo all the positive gains the economy has made in recent months.
“Quite simply, there has been no better example of cutting off one’s nose in order to spite the face,” he said. “China’s trade abuses need to be addressed, but tariffs are not the answer.”
“We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt U.S. families and workers more than they will hurt China,” said Matthew Shay, president and CEO, National Retail Federation. “Increasing the size of the tariffs is merely increasing the harm that will be done. And it’s even more than that – it’s two-and-a-half times the amount originally proposed. Tariffs are an unacceptable gamble with the U.S. economy and the stakes continue to rise with no end in sight.
Shay once again reiterated the NRF’s position that the tariffs will be passed along to U.S. consumers and will undo all the positive gains the economy has made in recent months.
“Quite simply, there has been no better example of cutting off one’s nose in order to spite the face,” he said. “China’s trade abuses need to be addressed, but tariffs are not the answer.”