Today, the Retail Industry Leaders Association, the trade association for America's largest and most innovative retailers, issued the following statement responding to the White House announcement to implement a 25 percent tariff on imported Chinese goods:
"The Administration promised 'maximum pain on China, minimum pain on American consumers', but America's families and farmers will be the ones hurt most by these tariffs. While the Administration addressed some of the concerns raised by retailers, the net effect of these tariffs will be higher prices for consumers. For many American families, these increased costs will wipe out any gains from tax reform.
"Today's action is a reckless escalation of the global trade war that will do little to address the underlying problems with China. With Canada, Mexico, the EU and China all promising retaliatory measures at the same time, America's retailers, farmers, autoworkers and American employees throughout the global value chain are at risk. We urge the Administration to reconsider these actions before an outbreak of tariffs from all directions threatens the economic growth and prosperity we currently enjoy. In a trade war, there are no winners, only losers," said Hun Quach, vice president of international trade for RILA.
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.