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RELATED: NRF: Import Volumes Slowing Heading Into 2024
\r\n\r\nThe NRF and other industry organizations are examining the potential effect this would have on businesses, consumers and the economy. Eliminating China’s PNTR status would subject imports from China – both finished goods and inputs to production – to significantly higher tariff rates.
\r\n\r\n“Even though significant efforts have been made in recent years to diversify sourcing, China continues to play an important role in the supply chain of many retailers and other global industries, from sourcing raw materials to manufacturing and production,” said Jonathan Gold, vice president of Supply Chain and Customs Policy with the NRF. “It would be impossible for American families to escape the higher costs from dramatic tariff increases on necessities such as apparel, footwear, furniture, appliances and toys.”
\r\n\r\nAmong the key findings of the report include:
\r\n\r\nView the report here.
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