This evening the Retail Industry Leaders Association expressed alarm over the announcement that President Donald Trump has instructed the United States Trade Representative to consider $100 billion in additional tariffs on Chinese imports. Earlier this week retailers warned that $50 billion in new tariffs that hit appliances, TVs and other consumer products would drive up the costs for those goods for American families. Hun Quach, vice president of international trade for RILA, said tripling that figure to $150 billion would expose every American family to higher bills.
"Tariffs on over $150 billion of imports will have an impact on the budgets of every American family. If the Administration follows through on this threat, American families should prepare to pay more for summer clothes, shoes, back to school gear, home décor, holiday shopping—this will hit every season and every category. Tariffs of this magnitude will not only negate any increase from tax reform in worker's paychecks, but the combination of new taxes on consumers and retaliatory taxes on American exports has the potential to both depress consumer spending and slow down the economy."
"As we have stated before, retailers fully support the Trump administration's efforts to hold China accountable, but a trade war that puts American families in the crossfire is not in the best interest of anyone. We strongly urge the administration to keep American consumers in mind as they negotiate with our trading partners to find a resolution."