Retail and industry groups warn a trade war could be costly
China has pledged a tit-for-tat response. In April, it said it would levy 25% tariffs on imports of 106 U.S. products in response to proposed American duties. The White House on Friday imposed $50 billion of tariffs on Chinese goods—a move, it says, will protect American workers and businesses from unfair trade practices. But the country’s largest retail trade association and some analysts are not buying that argument. “Tariffs are taxes on American consumers, plain and simple,” Matthew Shay, CEO of the National Retail Federation (NRF) said in a statement. “These tariffs won’t reduce or eliminate China’s abusive trade practices, but they will strain the budgets of working families by raising consumer prices.” Click Read More below for additional information.