Retail group calls new tariff developments ‘unacceptable gamble’
The National Retail Federation issued the following statement from President and CEO Matthew Shay on Aug. 1 following the administration’s announcement that it will consider imposing a tariff of 25 percent rather than 10 percent on $200 billion in goods from China:
“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. 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.
“This list specifically hits consumer products that have nothing to do with the ‘China 2025’ initiative. These punitive 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.
“China’s trade abuses need to be addressed, but tariffs are not the answer. A broader, long-term strategy is needed that will bring about fair trade without punishing the wrong people. And those people are American workers and their families. They deserve better.”