The retail industry has expressed its hearty disapproval of the Trump administration’s plans to impose a 10 percent tariff on $300 billion worth of goods imported from China.
This latest round of tariffs comes on top of about $250 billion worth of Chinese goods already taxed at 25 percent, and includes 1,000-plus food and agricultural products, according to a report from CNBC.
“As we’ve said repeatedly, we support the administration’s goal of restructuring the U.S.-China trade relationship,” noted David French, SVP for government relations at the Washington, D.C.-based National Retail Federation, the world’s largest retail trade association, “But we are disappointed the administration is doubling down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment. These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods.”
Added French: “The tariffs imposed over the past year haven’t worked, and there’s no evidence another tax increase on American businesses and consumers will yield new results. We urge the administration to bring our allies to the table and find new tools beyond tariffs to achieve better trade relations.”
“The list of products these tariffs will hit are almost entirely consumer-oriented,” pointed out Hun Quach, VP of international trade at the Washington-based Retail Industry Leaders Association, whose members comprise more than 200 retailers, product manufacturers and service suppliers. “This new 10 percent tariff on Chinese imports is a direct hit on consumer products and family budgets, plain and simple.”
Continued Quach: “Tariffs are taxes on American consumers. And if these tariffs happen, American consumers will bear the brunt of these tactics via higher prices on everyday items like clothing, toys, home goods and electronics.
“American families shouldn’t be a pawn in this trade war. Retailers, consumers and American workers need this administration to find a path forward that results in a fair agreement. [The] announcement only moves us closer to consumers bearing the brunt of the pain.”