China tariffs won't impact 2018 holiday retail: NRF CEO
China tariffs will not ruin the 2018 holiday shopping season, according to National Retail Federation (NRF) CEO Matt Shay.
“I think for this holiday season, it is pretty well predetermined to give us a great holiday,” Shay told FOX Business’ Stuart Varney on Monday. “I think when you talk about the tariffs, we are really talking about 2019 and beyond.”
President Trump is scheduled to meet Chinese President Xi Jinping at the Group of 20 (G20) summit in Argentina at the end of the month, as they look to put an end to the tit-for-tat trade war.
Shay said the NRF agrees with the Trump administration’s stance that “concrete reforms need to be in place.”
“I think what we need to see is real movement from China and we haven’t seen that yet,” he said. “Until we see them take real action, and they haven’t yet, there are going to continue to be calls for harsh measures like tariffs.”
“Our view is that, that’s going to impact working-class Americans most dramatically,” Shay added.
The NRF projects holiday sales will rise up to 4.8 percent this year.