The National Retail Federation (Washington, D.C.) released a statement saying that U.S. consumers are now “one step closer” to feeling the effects of a trade war, caused by tariffs imposed on China by the Trump administration that have been met with retaliation by China.
In response to $34 billion in tariffs imposed on China this past Friday, July 6, 2018, NRF CEO Matthew Shay said: “These tariffs do nothing to protect U.S. jobs, but they will undermine the benefits of tax reform and drive up prices for a wide range of products as diverse as tool sets, batteries, remote controls, flash drive and thermostats.”
In his statement, Shay urged the administration to leave behind its plans for $200 billion of additional tariffs on Chinese imports, which he said would cause the demise of thousands of American jobs and cause prices to rise on “virtually everything sold in our stores.”