NRF takes stand against China duty
April 8, 2005-- Home Textiles Today,
WASHINGTON — The National Retail Federation today urged the Senate to reject an amendment offered by Senator Charles Schumer (D-N.Y.) that would impose a 27.5 percent duty on all imports from China unless China agrees to revalue its currency.
"The Schumer amendment is a sledgehammer approach to an issue that is being properly addressed through sensible diplomacy and the tools already available under U.S. law," NRF President and CEO Tracy Mullin said. "This proposal would amount to a huge new tax on U.S. consumers at a time when they're already stretching their dollars to meet record-high gasoline prices. It would merely shift foreign trade to other countries, driving up U.S. prices while doing nothing to reduce the trade deficit or protect U.S. jobs."
After Schumer offered the proposal on Wednesday, Senate Republican leaders attempted to table it, but the motion was defeated 67-33. Senators have yet to vote on the amendment itself.
Related Content By Author
Explore Latest Business Trends at Heimtextil