U.S retailers optimistic on China tariff dispute
As per the National Retail Federation (NRF), retailers are are now hopeful by the interaction between the US and China at the G-20 summit recently. Negotiations between the two countries are “back on track” and President Trump would hold off on new tariffs on Chinese imports.
Trump said U.S. tariffs in place against Chinese imports will remain, but that new tariffs he’s threatened to slap on billions worth of other Chinese goods will not be triggered for the “time being.” He also announced that the U.S. and China would restart stalled trade talks, saying, “we’re going to work with China where we left off.”
Trump spoke after a lengthy meeting with Xi in Osaka. The leaders had sought to find an off-ramp to a burgeoning trade war between economic powerhouses despite doubts about their willingness to compromise on a long-term solution.
NRF senior VP for government relations David French, said, “We welcome the progress made during this meeting and hope it will result in a constructive approach to working with China to deliver significant reforms rather than one that punishes American consumers and threatens U.S. jobs through tariffs. Pulling back from the brink of further tariff escalation is a good sign for retailers and their customers, and we look forward to continued progress in the talks with China so that further tariffs can be avoided and existing ones lifted.”China News Retail US