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Retailers Respond to Tariff Delay Ahead of Holiday Season
The National Retail Federation issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced it would delay new tariffs on certain consumer products until December 15. Tariffs on other products are scheduled to take effect September 1.
“While we are still reviewing the details, we are pleased the administration is delaying some tariffs ahead of the holiday season and acknowledging the impact on American consumers. Still, uncertainty for U.S. businesses continues, and tariffs taking effect September 1 will result in higher costs for American families and slow the U.S. economy. During this delay period, we urge the administration to...
Retail Imports Remain at Near-Record Levels Despite Tariffs
Imports at the nation’s major retail container ports are expected to continue at near-record levels this month and the remainder of the year despite a new round of tariffs on goods from China, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Even with virtually everything American imports from China soon to be subject to tariffs, it isn’t quick or easy for retailers to change their supply chains,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “That means American families are ultimately going to pay more for goods they can’t do without. And even if sourcing eventually shifts away from China, it will simply come from other countries. It’s time to stop punishing American businesses, workers and families for China’s wrongdoing.”
President Trump announced last week that new 10 percent tariffs on an additional $300 billon in Chinese goods will take effect on September 1. Coupled with 25 percent tariffs imposed on...
Retailers Respond to Administration’s Latest Tariff Escalation
The National Retail Federation today issued the following statement from Senior Vice President for Government Relations David French in response to the Trump administration’s plans to impose a 10 percent tariff on $300 billion worth of goods imported from China beginning September 1.
“As we’ve said repeatedly, we support the administration’s goal of restructuring the U.S.-China trade relationship. But we are disappointed the administration is doubling-down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment. These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods.
“The tariffs imposed over the past year haven’t worked, and there’s no evidence another tax increase on American businesses and consumers will...
Yum China Reports Second Quarter 2019 Results
Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC) today reported unaudited results for the second quarter ended June 30, 2019. Reported GAAP results include Special Items, which are excluded from adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Adjusted Measures" within this release.
Second Quarter Highlights
Pork Quarterly Q3 2019: Disease and Trade Issues are Jointly Changing the Global Market
Rising disease pressures are challenging the global market. Specifically, African swine fever (ASF) continues to threaten the global pork market, not only by causing a production drop in Asian countries, but also adding uncertainty to trade and production prospects in other parts of the world. While China’s pork prices have started to move higher, production responses in the rest of the world appear cautious. Other factors, including disease management and weather, are hindering production in Europe and Brazil. The resumption of Sino-US trade negotiations is a positive development, implying a chance for China to review tariffs on US pork imports.
China: Pig Herd Losses Growing
ASF continues to spread in China, with new cases mainly reported in South China. Live hog prices are finally...
Popeyes Announces Agreement to Open More than 1,500 Restaurants in China
Today, Popeyes Louisiana Kitchen Inc. (Popeyes) announced an exciting new agreement to develop and open more than 1,500 Popeyes restaurants in the People's Republic of China over the next 10 years.
"We're very excited to grow the Popeyes brand in the Chinese market," said Josh Kobza, Chief Operating Officer of Restaurant Brands International (RBI), parent company of Popeyes. "We look forward to bringing our great tasting chicken, biscuits, sides and beautiful new restaurants to our guests in China with our partner...
U.S. Pork Industry Battling Challenges, NPPC President Tells Capitol Hill
The U.S. pork industry faces numerous challenges both at home and abroad that, if not addressed, will pose significant harm to our farms, rural communities and ultimately consumers, National Pork Producers Council (NPPC) President David Herring, a pork producer from Lillington, N.C., testified this morning before the House Agriculture Subcommittee on Livestock and Foreign Agriculture.
“One of the most damaging threats to the U.S. pork industry has been the punitive, retaliatory trade tariffs that China and other countries have imposed,” Herring told the subcommittee.
China is the largest consumer and importer of pork in the world, but U.S. hog farmers have been sidelined, Herring told the subcommittee, due to China’s...
Walmart Announces Plan to Invest $1.2 Billion to Upgrade Logistics in China
Ryan McDaniel, Senior Vice President of Walmart China Supply Chain, announced Monday that Walmart will increase its investment in its supply-chain logistics. In addition to building the first customized perishable food distribution center, the South China Fresh Food Distribution Center, the company plans to increase investment in its supply-chain logistics in China by RMB 8 billion, or about $1.2 billion, building or upgrading more than 10 logistics distribution centers over the next 10-20 years.
Walmart invested more than RMB 700 million to build the South China Fresh Food Distribution Center, which has been in operation since March 2019. It currently serves more than 100 Walmart stores in Guangdong and Guangxi, with daily distributing capacity of up to...
NRF Warns USTR to Avoid Additional Tariffs, Releases Study on Consumer Impact
The National Retail Federation today urged the Office of the U.S. Trade Representative to avoid 25 percent tariffs on $300 billion in Chinese goods and released a new study examining key product categories and the negative impact on American consumers.
“We support efforts to achieve better trade deals, but American consumers shouldn’t be caught in the crosshairs,” NRF Senior Vice President of Government Relations David French said during testimony prepared for a USTR hearing this afternoon. “It’s time to reevaluate a strategy based solely on tariffs and work with our allies to put international pressure on China.”
“For most of the consumer products on this list, there are very few alternative sources of supply,” French added. “It would be impossible for all market participants in our industry to...
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