WASHINGTON — The National Retail Federation issued the following statement from President and CEO Matthew Shay after the administration delayed a tariff increase on Chinese goods set to take effect this week.
“We welcome the progress made between the U.S. and China and commend the administration for its efforts to address unfair trading practices. The decision to avoid a tariff hike is a positive development, and we encourage the administration to build on this momentum and reach a resolution that will eliminate uncertainty for American businesses and consumers. We look forward to continued progress and an agreement that will end tariffs and achieve a more fair and balanced trading relationship.”
According to data released by Tariffs Hurt the Heartland – a campaign backed by NRF – recent tariffs imposed by the administration cost U.S. businesses $2.7 billion in November 2018 alone. Tariffs Hurt the Heartland also released a report prepared by Trade Partnership that found American workers would lose nearly one million U.S. jobs if tariffs on $200 billion of Chinese imports increased from 10 to 25 percent.
The National Retail Federation is the world’s largest retail trade association. Based in Washington, D.C., NRF represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.