Big retailers push back on Trump tariffs on China
A retail trade group representing Target, Best Buy and dozens of other major retailers says the Trump administration's tariffs on China will hurt American consumers.
The administration is preparing restrictions on Chinese investment as well as tariffs on nearly $60 billion worth of Chinese imports.
The moves are meant to punish China for stealing American technology. The Retail Industry Leaders Association agrees that theft of American intellectual property should be punished, but warned that the tariffs would amount to a tax on American families.
Hun Quach, vice president of international trade for RILA, urged the administration to re-evaluate the penalties.
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
"These tariffs may be aimed at China, but the bill will be charged to American consumers who will pay more at the checkout," she said in a prepared statement.
The association said tariffs could wipe out any gains the average American family receive from the federal tax overhaul.
Best Buy declined to comment.
Target said it's waiting for more details to assess the potential impact of tariffs to its business and customers. But in a statement the retailer said, "Knowing that a broad tariff on imports will likely result in higher prices, we are very concerned that hard-working American families will face higher costs."
Correction (March 22, 2018): A previous version of this story included an incorrect total cost for the tariffs against China. The story has been updated.