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NRF upset as US plans to apply tariffs on Chinese imports
05 Jun '18
2 min read
The National Retail Federation (NRF) has expressed disappointment over US plans to move ahead with tariffs on $50 billion worth Chinese imports that will lead to higher costs for US consumers, fewer jobs and retaliation. Job-killing tariffs aren’t the answer to China’s worrisome trade practices, NRF president and CEO Matthew Shay said in a statement.
“As the US and China prepare for another round of negotiations, we hope the administration has clearly defined objectives and concrete solutions to resolve this trade dispute without tariffs. The lack of clarity surrounding the administration’s plans is creating significant uncertainty for American businesses, disrupting supply chains and threatening to undermine the economic gains we’ve seen over the past year,” said Shay.
On March 22, US President Donald Trump signed a memorandum announcing that the United States would take multiple steps to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China.
These actions were announced following a report of the Office of the US Trade Representative (USTR) regarding China’s practices with respect to technology transfer, intellectual property, and innovation.
A recent study by NRF and the Consumer Technology Association found tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce US gross domestic product (GDP) by nearly $3 billion and destroy 134,000 American jobs.
The study cautioned that imposing tariffs on an additional $100 billion of Chinese imports would come at a significant cost to the US economy, destroying 455,000 jobs each year and reducing GDP by $49 billion. (DS)
“As the US and China prepare for another round of negotiations, we hope the administration has clearly defined objectives and concrete solutions to resolve this trade dispute without tariffs. The lack of clarity surrounding the administration’s plans is creating significant uncertainty for American businesses, disrupting supply chains and threatening to undermine the economic gains we’ve seen over the past year,” said Shay.
On March 22, US President Donald Trump signed a memorandum announcing that the United States would take multiple steps to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China.
These actions were announced following a report of the Office of the US Trade Representative (USTR) regarding China’s practices with respect to technology transfer, intellectual property, and innovation.
A recent study by NRF and the Consumer Technology Association found tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce US gross domestic product (GDP) by nearly $3 billion and destroy 134,000 American jobs.
The study cautioned that imposing tariffs on an additional $100 billion of Chinese imports would come at a significant cost to the US economy, destroying 455,000 jobs each year and reducing GDP by $49 billion. (DS)
Fibre2Fashion News Desk – India
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