WASHINGTON--(BUSINESS WIRE)--The National Retail Federation today welcomed the signing of a “phase one” trade agreement between the United States and China but said work remains to be done to end the trade war between the two countries.
“NRF strongly supports the administration’s efforts to address China’s unfair trading practices but we hope this is the first step toward eliminating all of the tariffs imposed over the past two years,” NRF President and CEO Matthew Shay said. “The trade war won’t be over until all of these tariffs are gone. We are glad to see the phase one deal signed, and resolution of phase two can’t come soon enough.”
Shay was on hand as President Trump and Chinese Vice Premier Liu He signed the agreement at the White House today. As part of the deal, the United States will cut in half 15 percent tariffs imposed on a wide range of consumer goods imposed in September and canceled another round that was set to take effect in December, but others remain in effect.
While agreeing with the need to address unfair trading practices, NRF has led the retail industry’s fight against tariffs and is a key member of the Americans for Free Trade coalition.
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $2.6 trillion to annual GDP and supporting one in four U.S. jobs — 42 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.