Retailers: Tariffs against China will hurt consumers, economy

The Trump administration's decision to issue tariffs on $50 billion of Chinese imports will undermine recent economic progress, National Retail Federation (NRF) officials said today.

"These tariffs won't reduce or eliminate China's abusive trade practices, but they will strain the budgets of working families by raising consumer prices," said NRF President and Chief Executive Officer Matthew Shay in a prepared statement.

The NRF issued the statement after the administration announced the tariffs this morning.

A study commissioned by the NRF and the Consumer Technology Association found that tariffs on $50 billion of Chinese imports, coupled with the impact of retaliation, would lead to four job losses for every job gained and reduce U.S. gross domestic product by nearly $3 billion.

"Tax reform has increased the paychecks of American workers, encouraged U.S. companies to expand and invest in their workforces, and unleashed the strongest levels of consumer confidence in a generation," said Shay. "Unfortunately, these tariffs and the retaliation China has promised put all this economic progress at risk."

The NRF urges the administration "to change course and develop a clear and comprehensive strategy to hold China accountable," Shay added.