The US National Retail Federation (NRF) recently urged the Office of the US Trade Representative (USTR) to avoid 25 per cent tariffs on $300 billion worth Chinese goods and released a study examining the negative impact on US consumers, who would pay $4.4 billion more each year for apparel and $2.5 billion more for footwear in case additional tariffs are imposed.
“We support efforts to achieve better trade deals, but American consumers shouldn’t be caught in the crosshairs,” NRF senior vice president of government relations David French said during testimony prepared for a USTR hearing.The US National Retail Federation (NRF) recently urged the Office of the US Trade Representative to avoid 25 per cent tariffs on $300 billion worth Chinese goods and released a study examining the negative impact on US consumers, who would pay $4.4 billion more each year for apparel and $2.5 billion more for footwear in case additional tariffs are imposed.#
“It’s time to reevaluate a strategy based solely on tariffs and work with our allies to put international pressure on China,” an NRF press release quoted French as saying.
For most products on the list, there are very few alternative sources of supply, French said.
Without capacity, retailers would be forced to continue to use Chinese suppliers in the short term and pass on higher costs to customers, he said.
The new study was commissioned by NRF and prepared by the Trade Partnership Worldwide. (DS)
Fibre2Fashion News Desk – India
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