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US NRF welcomes progress on trade talks with China
14 Oct '19
2 min read
Pic: Shutterstock
Welcoming the US government decision to delay planned tariff hikes, the National Retail Federation (NRF) recently said retailers are encouraged by the progress made between the United States and China and are pleased that the administration has listened to the concerns of the business community as the trade war takes an increasing toll on the US economy.
“The decision to delay planned tariff hikes is welcome news to US retailers and consumers heading into the busy holiday shopping season. Although this is a step in the right direction, the uncertainty continues. We urge both sides to stay at the negotiating table with the goal of lifting all tariffs and fundamentally resetting US-China trade relations,” NRF senior vice president for government relations David French said in a statement.
The Donald Trump administration announced recently that a scheduled tariff hike from 25 per cent to 30 per cent on $250 billion worth of goods from China will not take place on October 15 as negotiators finalise a tentative trade deal.
Both countries recently arrived at a substantial ‘phase one’ trade deal on intellectual property, financial services and big agricultural purchases. China agreed to step up purchases of US farm products. The agreement has to be put on paper and more work is required to get it finalised.
“The decision to delay planned tariff hikes is welcome news to US retailers and consumers heading into the busy holiday shopping season. Although this is a step in the right direction, the uncertainty continues. We urge both sides to stay at the negotiating table with the goal of lifting all tariffs and fundamentally resetting US-China trade relations,” NRF senior vice president for government relations David French said in a statement.
The Donald Trump administration announced recently that a scheduled tariff hike from 25 per cent to 30 per cent on $250 billion worth of goods from China will not take place on October 15 as negotiators finalise a tentative trade deal.
Both countries recently arrived at a substantial ‘phase one’ trade deal on intellectual property, financial services and big agricultural purchases. China agreed to step up purchases of US farm products. The agreement has to be put on paper and more work is required to get it finalised.
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