NRF says House tax proposal is a big win for retailers
“These provisions provide the certainty retailers need to modernize operations, grow their workforce and deliver unmatched value to American consumers.”
“These provisions provide the certainty retailers need to modernize operations, grow their workforce and deliver unmatched value to American consumers.”
“We are starting to see the true impact of President Trump’s tariffs on the supply chain,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
“With so much uncertainty surrounding the economy in the past few months, I’m not sure anyone can predict the storm path of tariffs and their likely impact,” Kleinhenz said.
“Even in the face of economic uncertainty, consumers continue to celebrate the special women in their lives with gifts and outings.”
David Marcotte, Kantar’s Senior Vice President of Global Insights and Technology, noted that the 2024 retail landscape saw a return to stability after years of disruption.
“The pullback we’ve seen the past few months comes despite strong economic fundamentals. A major factor appears to be driven by the uncertainty caused by tariffs,” NRF President and CEO Matthew Shay said.
“We urge Congress to move quickly to approve this integral measure.”
“At present, we expect to see imports begin to decline by May and that they will drop dramatically during the remainder of the year,” says Ben Hackett.
The figure represents a significant increase from last year’s $22.4 billion and comes close to the record-setting $24 billion spent in 2023.
“More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do."
The 2025 sales forecast compares with 3.6% annual sales growth of $5.29 trillion dollars in 2024.
Over 30 industry groups submitted comments opposing the proposed remedies in the Section 301 investigation. They cited a study that found the measures would lead to higher costs across multiple sectors, including retail.
“Lower-than-expected consumer spending in the first couple of months of the year likely reflected payback for very strong spending in the fourth quarter and weather-related events since then,” NRF's Kleinhenz said.
Despite the overall monthly decline, six out of nine retail categories posted year-over-year gains, with online sales, health and personal care stores, and general merchandise stores leading the way.
“Tariffs are just one tool at the administration’s disposal to achieve a secure border,” says NRF's David French.
Uncertainty looms as policymakers in Washington debate key economic policies, according to NRF Chief Economist Jack Kleinhenz.