Retail

Tariff escalation makes future planning impossible: NRF

27 Aug '19

2 min read

Pic: Shutterstock

The National Retail Federation (NRF) has said that the latest announcement of the Trump administration to raise tariffs further on Chinese goods creates a type of environment where it would be impossible for businesses to plan for the future. NRF is the world's largest retail trade association representing retailers in the US and 45 other countries.

"It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and the answer isn't more taxes on American businesses and consumers. Where does this end?" said NRF senior vice president for Government Relations David French in a statement.

In its latest round of tariff escalation, the Trump administration has announced that current tariffs on $250 billion in Chinese goods will rise from 25 to 30 per cent on October 1. New tariffs set to take effect September 1 and December 15 on $300 billion in Chinese goods will rise from 10 to 15 per cent.

In the US, retail is the largest private sector employer, supporting one in four US jobs — 42 million working Americans. The sector contributes $2.6 trillion to annual GDP of the US, and is a daily barometer for the nation’s economy. (RKS)

Fibre2Fashion News Desk – India

More National Retail Federation News... More Retail News - United States Of America...