NRF President and CEO Matthew Shay attended the White House bill signing ceremony with President Biden for the Ocean Shipping Reform Act on June 16. NRF has championed the effort to pass OSRA as one of the steps necessary to Lower Inflation Now and ease pressure on American businesses, workers and consumers.
At the U.S. Chamber of Commerce C100 meeting NRF President and CEO Matthew Shay met with the U.S. Ambassador to Canada David Cohen, Ambassador of Canada to the United States Kirsten Hillman, and the U.S. Chamber of Commerce President and CEO Suzanne Clark, to discuss tariffs and trade.
National Retail Federation President and CEO Matthew Shay joins ‘Closing Bell’ to discuss the future of retail amid rising inflation.
NRF advocates for removing the harmful China 301 tariff to help alleviate some of the inflationary pressure on the U.S. economy.
In a letter to President Joe Biden, NRF President and CEO Matt Shay wrote: “We have noted the administration’s recent policy recommendations regarding inflation, and we respectfully observe that one of the most effective and meaningful tools — tariff relief — has not yet been put forward. This is a missed opportunity.”
Costs are also rising for retail businesses. While retailers are doing everything they can to keep prices down, many have been forced to increase prices on goods to match increased costs. Retailers are paying higher energy bills and rents, not to mention the increasing cost of goods, transportation and wages.
Why are we experiencing record inflation?
Prices of goods and services are soaring due to record levels of inflation in the United States. How did we get here?
Flush with savings from government stimulus programs, in the midst of the pandemic consumers shifted their spending from services to goods due to COVID-19 restrictions. That increase in demand placed enormous strain on the global supply chain.
Combined with preexisting supply chain disruptions, the demand increase caused prices to rise beginning in April 2021. Since then, inflation has reached a 40-year high and cut into consumers’ spending power.
What can we do?
The current surge in inflation is caused by many factors, and it will require a careful balance of fiscal and monetary policy solutions to bring it under control.
NRF offers three ways Congress can help lower inflation now, including actions around tariffs, the supply chain and labor.
Join NRF in telling Congress to lower inflation now.
Consumer views on inflation
As we continue to face the highest rate of inflation in decades, consumers and businesses are feeling the pain of higher prices on everything from everyday goods and services to rent, groceries and gas. NRF surveyed shoppers in May 2022 to understand how their behaviors and attitudes are changing in the face of higher prices. View the slides below.
As we continue to face the highest rate of inflation in decades, the Biden administration should be looking at all options to provide relief to help U.S. businesses, workers and consumers. Tariffs cost the average American household more than $1,200 in 2020 and do not achieve their desired goal in respect to China.