The largest association of retailers in the U.S. has issued a statement regarding the potential impact of the recent placement of tariffs on most products.
“More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do,” said David French, the executive vice president of government relations at the National Retail Federation.
“Eighty-eight percent of voters say that small businesses play an important role in their local economy, according to an NRF poll conducted by Morning Consult. These tariffs will have a disproportionate impact on local communities and will be particularly harmful to small retailers.
“Voters do not see tariffs as helping vulnerable communities including blue collar workers, rural communities, families with young children, low-income households, the elderly and farmers,” said French.
- Related: JPMorgan CEO Jamie Dimon Warns of ‘Significant’ Risk of Recession from Tariffs
- Related: Consumer Spending Barely Rises, While Inflation Risk Rises
“Tariffs are a tax paid by the U.S. importer that will be passed along to the end consumer,” the NRF’s French added. “Tariffs will not be paid by foreign countries or suppliers. Even more so, the immediate implementation of these tariffs is a massive undertaking and requires both advance notice and substantial preparation by the millions of U.S. businesses that will be directly impacted.
“We encourage President Trump to hold trading partners accountable and restore fairness for American businesses without creating economic uncertainty and higher prices for American families.”
Editor’s note: For more information on tariffs and their potential impact, check out, Tariffs: Everything you need to know but were afraid to ask, from the Economic Policy Institute.
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