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Retail, Fashion Industries Worried by New Trump Tariffs

President Trump’s steep new tariffs on imported goods are not going down well with the retail and fashion worlds.
Although Trump’s Thursday orders imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum are not set to directly affect retail and fashion companies, executives are worried that the move will somehow trickle down or turn into a full-blown trade war with other countries.
“The retail industry is extremely concerned by the administration’s apparent desire to ignite a trade war,” Matthew Shay, president and chief executive officer of the National Retail Federation, said.
Shay added that “a tariff is a tax, plain and simple” and one on Americans, and alluded to ongoing negotiations around a revised North American Free Trade Agreements, with chatter increasing in recent weeks that Trump may pull the U.S. out of the deal entirely. Shay also said there’s a continued threat of “additional tariffs on consumer goods from China.”
“The true greatness of America cannot be realized when we build walls blocking the free flow of commerce in today’s global economy,” Shay said.
As of Wednesday, the Commerce Department said the U.S. trade deficit has increased 5 percent from a year ago to $56.6 billion,

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