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NRF urges US Congress to step in, stop trade war
21 Jun '18
2 min read
The National Retail Federation (NRF) recently urged the US Congress to step in to stop the ‘reckless escalation’ in US-China trade war. After President Donald Trump said he is considering tariffs on an additional $200 billion of Chinese goods, NRF president and CEO Matthew Shay said in a statement that the Congress must “exert its authority on trade policy”.
“This is just what we predicted – a tit-for-tat trade war has erupted and American families are caught in the middle. Higher prices for everyday essentials and lost jobs threaten to sap the energy out of the strong U.S. economy just as most Americans are starting to enjoy the benefits of historic tax reform,” Shay said.
A study conducted earlier this year for NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, as announced last week, would reduce US gross domestic product by nearly $3 billion and lead to the loss of 134,000 American jobs, with four jobs lost for every job gained.
Imposing tariffs on an additional $100 billion of Chinese imports would bring the total impact to a $49 billion reduction in GDP and the loss of 455,000 jobs, an NRF press release said.. (DS)
“This is just what we predicted – a tit-for-tat trade war has erupted and American families are caught in the middle. Higher prices for everyday essentials and lost jobs threaten to sap the energy out of the strong U.S. economy just as most Americans are starting to enjoy the benefits of historic tax reform,” Shay said.
A study conducted earlier this year for NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, as announced last week, would reduce US gross domestic product by nearly $3 billion and lead to the loss of 134,000 American jobs, with four jobs lost for every job gained.
Imposing tariffs on an additional $100 billion of Chinese imports would bring the total impact to a $49 billion reduction in GDP and the loss of 455,000 jobs, an NRF press release said.. (DS)
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