NRF Reinforces Repealing Tariffs to Address Rising Inflation

"...we encourage the administration to act quickly and remove China tariffs that cost American families more than $1,200 annually."

NRF President and CEO Matthew Shay

WASHINGTON – The National Retail Federation today issued the following statement from President and CEO Matthew Shay after the U.S. Bureau of Labor Statistics released the latest Consumer Price Index numbers.

“Today’s announcement that the Consumer Price Index rose to 9.1 percent last month clearly shows that we need additional monetary and policy measures to reduce costs for American households and working families. NRF consumer surveys and economic research indicate that consumers continue to modify their behavior and change spending patterns to adapt to price increases in a wide range of goods and services. But modified behavior and changed spending patterns alone aren’t sufficient to help offset price increases that impact households. 

“We need to support other policy measures that will lower costs, like the recent passage of the Ocean Shipping Reform Act for which we thank the administration and bipartisan congressional majorities for supporting. In addition, we encourage the administration to act quickly and remove China tariffs that cost American families more than $1,200 annually. While these actions alone may not solve inflation, they will put much-needed dollars back into the pockets of consumers at a time when every dollar of cost savings is essential.

“We know that talks are underway with administration officials and the Chinese government to remove these tariffs. Today’s inflation numbers reinforce that the time for talking is done and the time for decisive action is now.”

About NRF
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 $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 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.