Retailers from Walmart to Macy’s are teaming up to deliver an anti-tariff message to Trump
Share to twitterThe U.S.-China trade tariffs war is a big watchpoint for retailers and many other industries. With uncertainty over the potential impact of the U.S.-China tariff war still looming large, 661 companies and associations from different industries, including retailers Walmart, Target, Costco, Macy’s and Gap, just sent a letter to the White House urging the Trump administration to get back to the negotiating table and resolve the trade spat.
The Trump administration has already raised tariffs to 25%, from 10%, on about $200 billion of furniture and other imports from China and has threatened to impose additional tariffs of 25% on another $300 billion of Chinese imports that would affect categories including apparel, shoe and toys.The letter was delivered with the Office of the United States Trade Representative set to begin hearings considering the additional 25% tariffs.
Fashion labels Alexander Wang and Ralph Lauren, North Face and Timberland parent VF Corp., teen retailer American Eagle, shoe retailer Foot Locker, pet-gear chain PetSmart, discounter Five Below, greeting card company Hallmark Cards, crafts retailer Michaels and home-furnishings retailer Pier 1 are among the retailers that have signed the letter. Foreign brands includingU.S. consumers would pay $4.4 billion more each year for apparel, $2.5 billion more for footwear, $3.
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