Today, Retail Industry Leaders Association’s vice president for international trade, Hun Quach, issued a statement following President Donald Trump’s meeting with Chinese President Xi Jinping during the G20 meeting in Argentina:
“Tonight's breakthrough shows that President Trump kept American families in mind when he delayed tariffs from being increased on $200 billion worth of imports on January 1. America’s retailers are encouraged by President Trump and President Xi’s decision to find a path forward that will keep America competitive, grow our economy, and support the millions of American jobs impacted by trade.
"Achieving a resolution that foregoes a 25 percent increase and any additional tariffs placed on the everyday consumer items will benefit millions of American families across the country. We look forward to working with the Administration as they continue to work towards a resolution, which includes providing a product exclusion process for the third tranche of tariffs as was provided for the first two rounds of tariffs.”
RILA sent a letter to President Trump outlining retailers’ growing concerns with the looming 25 percent tariff increase starting January 1 and lack of exclusion process for List 3 which encompasses thousands of every day consumer items like mattresses, apparel items, paper goods, furniture and more. To read the full letter click here.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.