RILA: Tariffs on Chinese goods won't help

   The Retail Industry Leaders Association has warned that higher tariffs on imports from China, as a way to encourage Beijing to revalue its currency, would negatively affect U.S. businesses and consumers.
   “Higher tariffs have never proven to be a wise solution for American economic growth,” said Stephanie Lester, RILA vice president for international trade. “RILA supports economic engagement with China and addressing our trade gap with China. We firmly oppose legislation that threatens to cut off access to the U.S. market and drive up prices for consumers.”

Lester

   Lester’s comments came in reaction to a hearing before the Senate Banking Subcommittee on Economic Policy on China’s exchange rate policy and the current trade imbalance. The hearing addressed legislation that would allow duties to be imposed on Chinese imports to address currency undervaluation allegations.
   “RILA members recognize that the valuation of China’s currency is a significant concern, but policymakers intent on meaningfully addressing the inequities that contribute to the trade gap with China should focus on issues with a more immediate and direct effect, such as rectifying market access issues,” Lester said. “RILA advocates balanced trade policies that will effectively address currency, as well as market access barriers and other unfair trade practices that affect U.S. companies, and at the same time recognizes the tremendous opportunities and benefits that trade and investment with China bring to the U.S. economy.”