RILA Urges Congress not to let Politics Get in The Way of Sound Policy on China Currency New Tariffs on China Will Undermine U.S. Economic Growth and Escalate Trade Tensions
Arlington, VA – The Retail Industry Leaders Association (RILA) again expressed concerns to lawmakers today, about the consequences of unilateral currency legislation that attempts to force China to revalue its currency by imposing punitive tariffs on Chinese products, Stephanie Lester, RILA Vice President for International Trade, issued the following statement.
“There’s a time when what works politically doesn’t make for good policy, and this is one of those times,” said Stephanie Lester, Vice President for International Trade. “Proposals to pressure China by increasing certain tariffs on imports are neither balanced nor effective trade policy. Rather, they will merely serve as an ineffective and counter-productive trade aggravation at a time when the country is trying to bolster the U.S. trade agenda and get America working again.”
“Now is not the time to take up policies that don’t help U.S. job growth but instead undermine the opportunities and benefits for retailers and the broader U.S. economy that come from trade and investment with China.”
“RILA encourages lawmakers to pursue a balanced approach that will effectively address currency as well as market access barriers and other unfair trade practices that affect U.S. companies, while not further injuring the U.S. economy and the positive opportunities that trade generates.”
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and operate more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.