Retailers welcome tariff delay
Retailers are welcoming a delay of tariff increases, as well as progress on U.S. and China trade negotiations — after the Trump administration delayed a tariff increase on Chinese goods set to take effect this week, according the National Retail Federation (NRF).
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.
“We welcome the progress made between the U.S. and China and commend the administration for its efforts to address unfair trading practices,” said Matthew Shay, president and CEO of the NRF. “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.”