“Tit-for-tat trade actions could spell disaster for the U.S. economy,” says NRF CEO.
The National Retail Federation (NRF) issued the following statement from President and CEO Matthew Shay after the White House instructed the U.S. Trade Representative to consider an additional $100 billion in tariffs against China:
“This is what a trade war looks like, and what we have warned against from the start. We are on a dangerous downward spiral and American families will be on the losing end. To be clear, we agree it’s time to address China’s unfair trade practices, but an additional $100 billion in tariffs amount to $100 billion in taxes on the American people. Tax reform delivered a real benefit to working families, and tariffs take them away.
“These tit-for-tat trade actions could spell disaster for the U.S. economy and make it harder for Americans across the country to afford everyday products and basic necessities. It is inevitable that China will respond with more retaliatory actions that cause even further harm to American farmers, businesses and consumers. We urge the administration to change course and stop playing a game of chicken with the nation’s economy.”