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US NRF welcomes phase I trade deal with China

16
Jan '20
Pic: Shutterstock
Pic: Shutterstock
The US National Retail Federation (NRF) has welcomed the signing of a phase I trade agreement between China and the United States, but said work remains to be done to end the trade conflict between the two countries.

“NRF strongly supports the administration’s efforts to address China’s unfair trading practices but we hope this is the first step toward eliminating all of the tariffs imposed over the past two years,” NRF president and chief executive officer Matthew Shay said in a statement.

“The trade war won’t be over until all of these tariffs are gone. We are glad to see the phase one deal signed, and resolution of phase two can’t come soon enough,” he said.

As part of the deal, the United States will cut in half 15 per cent tariffs imposed on a wide range of consumer goods imposed in September and cancelled another round that was set to take effect in December, but others remain in effect.

While agreeing with the need to address unfair trading practices, NRF has led the retail industry’s fight against tariffs and is a key member of the Americans for Free Trade coalition.

Fibre2Fashion News Desk (DS)


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