The lobbying group claimed that lifting tariffs that were first imposed by the Trump administration could reduce consumer prices by as much as 1.3 percent.
“Consumers and businesses continue to feel the pain of higher prices across the board from everyday goods and services to rent and groceries and gas,” NRF President Matthew Shay wrote in a letter to Biden. “Removing the harmful China 301 tariff will alleviate some of the inflationary pressure on the U.S. economy.”
Treasury Secretary Janet Yellen told reporters on Wednesday that the Section 301 tariffs “impose more harm on consumers and businesses” and “aren’t very strategic in the sense of addressing real issues” with China.