NRF Slams Trump's Tariff Expansion: 'Harmful to Small Businesses and Consumers'
President Trump's administration has faced criticism for its tariff policies, with voters expressing concern about their impact on vulnerable communities. The National Retail Federation (NRF) has voiced opposition to the recent announcement of reciprocal tariffs on all trading partners.
The Trump administration has implemented tariffs globally, with China currently facing a 125% rate. Other countries are subject to a general 10% tariff, while specific sectors and countries like Canada, Mexico, and certain goods have unique tariffs or exemptions. These tariffs, essentially a tax paid by U.S. importers, are passed along to consumers.
The NRF, a century-old voice for retailers and their jobs, opposes the latest tariff announcement. It warns that more tariffs will cause anxiety and uncertainty for businesses and consumers. The retail sector, employing one in four Americans and contributing $5.3 trillion to annual GDP, needs stability. The Federation argues that tariffs will disproportionately harm local communities and small retailers, despite voters' appreciation for small businesses' role in local economies.
The NRF encourages President Trump to hold trading partners accountable without burdening American families with higher prices. It urges the administration to consider the impact of tariffs on vulnerable communities and small businesses, given the retail sector's significant contribution to the U.S. economy and employment.
