US trade war cause high price in US!
American
consumers shouldn’t
be
caught in the crosshairs!
The
National Retail Federation urged the Office of the U.S. Trade Representative to
avoid 25 percent tariffs on $300 billion in Chinese goods and released a new
study examining key product categories and the negative impact on American
consumers.
“We
support efforts to achieve better trade deals, but American consumers shouldn’t
be caught in the crosshairs,” NRF Senior Vice President of Government Relations
David French said during testimony prepared for a USTR hearing this afternoon.
“It’s time to re-evaluate a strategy based solely on tariffs and work with our
allies to put international pressure on China.”
“For
most of the consumer products on this list, there are very few alternative
sources of supply,” French added. “It would be impossible for all market
participants in our industry to simultaneously move sourcing to other
countries. The capacity does not exist … In the short term, retailers would be
forced to continue to use Chinese suppliers and pass on higher costs to their
customers – just in time for the holiday shopping season.”
French
cited a new report commissioned by NRF and prepared by the Trade Partnership
Worldwide projecting that American consumers would pay billions of dollar a
year. As part of monthly consumer surveys conducted by Prosper Insights &
Analytics, NRF has been tracking the public’s growing concern over the trade
war.
The
June survey found 81 percent of consumers are “concerned the ongoing trade war
will cause prices to increase,” a 12 percent increase since November 2018. In
addition to French’s oral testimony, NRF submitted comments to USTR detailing
the negative economic impact of the proposed tariffs on American businesses,
workers and consumers.
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