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August Retail Sales Grew 4.1 Percent Over Last Year but New Tariffs Present 'Downside Risk'
Retail sales were up 0.4 percent in August seasonally adjusted from July and up 4.6 percent unadjusted year-over-year, the National Retail Federation said today. The numbers exclude automobile dealers, gasoline stations and restaurants.
“While consumer attitudes about the economy indicate some retreating optimism, the bottom line is that consumer spending remained resilient in August and continued to be a key contributor to U.S. economic growth,” NRF Chief Economist Jack Kleinhenz said. “Trends remain strong, but August grew somewhat slower than July, which could reflect consumers’ concerns about the unpredictability of trade policy. It is too early to assess the impact of the new tariffs that took effect at the beginning of this month, but...
NPPC Statement on China Market Access
Chinese media reported that it was suspending the imposition of punitive tariffs on U.S. pork imports. The following is a statement from National Pork Producers Council President David Herring, a pork producer from Lillington, N.C.:
“If media reports are accurate, this is a most welcome development. The Chinese have placed punitive tariffs of 60% on most U.S. pork products, bringing the effective tariff rate on most U.S. pork to 72%.
“According to Iowa State University economist Dermot Hayes, the Chinese retaliation on U.S. pork has shaved $8 off the price of every hog sold in the United States for well over a year. Most of our competitors face only a...
China to Exempt U.S. Pork, Soybeans from Additional Tariffs -Xinhua
China will exempt some agricultural products from additional tariffs on U.S. goods, including pork and soybeans, China's official Xinhua News Agency said Friday, in the latest sign of easing Sino-U.S. tensions before a new round of talks aimed at curbing a bruising trade war.
The United States and China have both made conciliatory gestures, with China renewing purchases of U.S. farm goods and U.S. President Donald Trump delaying a tariff increase on certain Chinese goods.
China had imposed three rounds of additional tariffs on U.S. pork, including 25% increases in April and July 2018 and a 10% bump this month, raising the total duty from...
Pork Producers Urge Congress to Ratify USMCA and Support Measures to Prevent Foreign Animal Disease
Congressional ratification of the U.S.-Mexico-Canada trade agreement (USMCA), allowing the U.S. pork industry to maintain zero-duty market access to two of its largest export markets, remains a top priority for the National Pork Producers Council (NPPC). More than 120 pork producers from across the country helped spread this and other messages on Capitol Hill this week during NPPC’s Fall Legislative Action Conference (LAC).
“Last year, Canada and Mexico took over 40 percent of the pork that was exported from the U.S. and they are expected to be a large percentage this year as well,” said NPPC President David Herring, a pork producer from Lillington, N.C. “USMCA will strengthen...
Retailers Respond to Announcement of US-China Trade Talks
The National Retail Federation issued the following statement from President and CEO Matthew Shay after the announcement that China and the U.S. will hold high-level trade talks in October.
“We are encouraged by the confirmation of US-China trade talks. We urge the administration to end this trade war and come to an agreement that results in a complete roll back of the existing tariffs. This trade war has gone on far too long, and the harmful consequences for American businesses and consumers continue to grow. We are optimistic both sides will come together and make significant progress toward a trade deal that resets US-China trade relations and...
U.S. Poultry, Egg Industries Welcome Announcement of Japan Trade Agreement
U.S. poultry and egg organizations welcome the announcement of a trade agreement between the United States and Japan, an achievement that stands to benefit our industry.“Frozen chicken, turkey, and processed egg products will receive favorable tariff reductions enabling our products to compete more effectively with those of countries in the Trans-Pacific Partnership,” the USA Poultry & Egg Export Council (USAPEEC), National Chicken Council (NCC), National Turkey Federation (NTF) and United Egg Producers (UEP) said in a joint statement issued Monday.“While this is just the first stage of a bilateral agreement, it is welcome news and we would like to thank President Trump, Secretary Perdue and Secretary Lighthizer for...
Retailers Respond to Tariff Escalation: ‘Where Does This End?’
The National Retail Federation issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced that current tariffs on $250 billion in Chinese goods will rise from 25 to 30 percent on October 1. New tariffs set to take effect September 1 and December 15 on $300 billion in Chinese goods will rise from 10 to 15 percent.
"It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and...
Industry Reacts to U.S. Trade Agreement with Japan
On Sunday, President Trump announced that the United States and Japan reached a trade deal in principle, that would pave the way for more exports of U.S. agricultural products to Japan. In a tweet, President Trump stated, "We have excess corn in various parts of our country with our farmers because China did not do what they said they were going to do. And Prime Minister, Abe Shinzo, on behalf of Japan, they're going to be buying all of that corn."
Sonny Perdue, U.S. Secretary of Agriculture, said, "Japan is a significant market for United States agriculture exports, making today a good day for American agriculture. By removing existing barriers for our products, we will be able to sell more to the Japanese markets." Perdue added that at the same time, the United States will be able to close gaps that allow...
USDA Details Trade Damage Estimate Calculations
U.S. Secretary of Agriculture Sonny Perdue today announced that the U.S. Department of Agriculture (USDA) Office of the Chief Economist has published a detailed accounting of how estimated damage from trade disruptions was calculated for its support package for farmers announced on July 25, 2019. USDA’s Office of the Chief Economist developed an estimate of gross trade damages for commodities with assessed retaliatory tariffs by China, India, the European Union, and Turkey to set commodity payment rates and purchase levels. USDA employed the same approach often used in adjudicating World Trade Organization trade dispute cases. “Just as we did before, we want to be transparent about this process and how our economists arrived at the numbers they did. Our farmers and ranchers work hard to feed the United States and the world, and they need to know...
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...
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...
Retailers Still Stocking Up Ahead of Possible Tariffs, but More Slowly
Imports at the nation’s major retail container ports will remain at high levels this summer but are expected to grow only modestly compared with last year’s rush to bring merchandise into the country ahead of scheduled tariff increases, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers still want to protect their customers against potential price increases that would come with any additional tariffs, but with the latest proposed tariffs on hold for now..."
Retailers Back Bill Requiring Congressional Review of Tariff Hikes
The National Retail Federation welcomed legislation introduced today that would strengthen congressional authority over tariff increases like those imposed by the Trump administration during the past year.
“We agree with the need to deliver fair and balanced trade deals, but taxing Americans isn’t the answer — especially without a single vote from Congress,” NRF Senior Vice President for Government Relations David French said. “At a time when American businesses and consumers are facing unprecedented tariffs imposed unilaterally, it’s time to reexamine the appropriate balance on trade policy between Congress and the executive branch. This legislation represents an important step forward. We urge members of both parties to join this effort and protect hardworking Americans from...
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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