Tariffs on Chinese goods will hit consumers hardest says NRF
Tariffs imposed on Chinese imports by President Donald Trump will hurt consumer purchases in the US, according to four major retail groups.
The National Retail Federation (NRF), which includes Amazon and Walmart as members, has criticised Trump’s threat to impose 10 per cent tariffs on $300 billion of Chinese imports from September 1, arguing they would further raise prices for consumers.
Alongside the Retail Industry Leaders Association (RILA), the Footwear Distributors and Retailers of America and the American Apparel & Footwear Association, the NRF has accused Trump of “using American families as a hostage in his trade war negotiations”.
“We are disappointed the administration is doubling-down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment,” senior vice president for government relations David French stated.
All argued that the tariffs would damage both damage the US economy and raise the prices of items like clothing, toys, home goods and electronics for average consumers, adding that US customers will be far harder hit than Chinese manufacturers.
Walmart said earlier this year that it has been forced to raise prices due to higher tariffs on goods from China.