President Donald Trump will meet with the main retailers on Monday after the National Federation of Retails (NRF) announced that it does not support the president’s reciprocal tariff policies.
A White House official told Reuters that the president will meet Monday afternoon to discuss his tariff policies; The meeting will include representatives of Walmart, Home Deport, Lowe’s and Target. Walmart confirmed that his CEO, Doug McMillon, would attend the meeting.
More than half of Walmart’s imports are from China, while Home Deport and Lowe’s also import from the country.
A March report found that Target depends on China for 30 percent of its merchandise, and the American manufacturing alliance declared that Chinese products comprise 70 to 80 percent of Walmart’s merchandise, leaving less than 20 percent for products made by the United States.
At the end of March, according to the reports, Target pushed its Chinese suppliers to absorb part of the cost of Trump’s tariffs, after the leadership of Walmart and Costco.
Quartz reported at the end of March:
In one case, a Chinese forks and claw clips said that Target (TGT) requested that “half of the tariff costs.” After trying to negotiate, the supplier saw delays in his order and finally lost the business. Target has not responded to the multiple requests for comments from Quartz.
Currently, there is a 20% rate over all Chinese imports, which affect around $ 430 billion in goods. Target does not operate any physical store in continental China, but says it has worked to reduce its dependence on Chinese imports, reducing the participation of their assets from China from 60% to 30%.
After Trump announced its reciprocal rates policies, the Retail Federation, the Commercial Association for Larger Retail Corporations, said tariffs would lead to higher costs.
“Tariffs are a tax paid by the American importer who will be transmitted to the final consumer. Tariffs will not be paid by foreign countries or suppliers,” said David French, his leadership of government affairs, in a written statement.
As Breitbart News has frequently reported, Federal Reserve economists and the National Office of Economic Research (NBER) found a minimum step in wide inflation.
“President Trump has a mandate of the American people: bring jobs home, end our dependence on China and restore US manufacturing. Big Retail is now seeing the cost of inaction, since they fail to obtain the first agenda of the first and novel.
Sean Moran is Breitbart News policies reporter. Follow it in x @Seanmoran3.