As inflation continues to drive the Consumer Price Index upwards, the National Retail Federation called on the Biden administration to repeal tariffs on goods from China, citing Consumer Price Index numbers released last Friday by the U.S. Bureau of Labor Statistics.
Retailers are being severely impacted by inflation, as are American consumers. Eliminating tariffs can be a significant relief to expenses businesses have no control over. Americans pay indirectly on all goods involving goods from outside the US., and President Biden has the authority to eliminate tariffs under 5%. The president can also cut tariffs higher than 5% in half. Currently, the U.S. places a 25% tariff on Chinese imports, which he could reduce with the stroke of a pen.
In a 30-second ad campaign calling on the administration to repeal tariffs, the NRF noted that the tariffs on goods from China alone have cost U.S. importers $136.5 billion since 2018 and have driven up prices for American consumers, costing the average household more than $1,200 a year