The National Retail Federation has reinforced repealing tariffs to address rising inflation across the United States.
In doing so, the NRF’s President and CEO Matthew Shay made the following statement after the U.S. Bureau of Labor Statistics released the latest Consumer Price Index numbers.
He said: “Today’s announcement that the Consumer Price Index rose to 9.1 percent last month clearly shows that we need additional monetary and policy measures to reduce costs for American households and working families.
“NRF consumer surveys and economic research indicate that consumers continue to modify their behavior and change spending patterns to adapt to price increases in a wide range of goods and services. But modified behavior and changed spending patterns alone aren’t sufficient to help offset price increases that impact households.”
Adding: “We need to support other policy measures that will lower costs, like the recent passage of the Ocean Shipping Reform Act for which we thank the administration and bipartisan congressional majorities for supporting.
“In addition, we encourage the administration to act quickly and remove China tariffs that cost American families more than $1,200 annually. While these actions alone may not solve inflation, they will put much-needed dollars back into the pockets of consumers at a time when every dollar of cost savings is essential.”
He concluded: “We know that talks are underway with administration officials and the Chinese government to remove these tariffs. Today’s inflation numbers reinforce that the time for talking is done and the time for decisive action is now.”