U.S. retail and restaurant industry leaders are calling on the Trump administration to roll back newly imposed tariffs and prioritize trade agreements that reduce, not increase, barriers. The appeals come in response to a recent executive order enacting higher duty rates on imports from 69 countries and the European Union.
“The administration should focus on negotiating binding trade agreements that open markets by lowering tariffs,” said David French, executive vice president of government relations at the National Retail Federation (NRF). “These increases will harm Americans across the board – from consumers and retailers to manufacturers and workers – by driving up prices, curbing hiring, delaying investments, and stifling innovation.”
While many retailers have managed to keep consumer prices stable so far, French noted that the new tariffs will begin affecting merchandise costs in the coming weeks. Smaller businesses are especially vulnerable, he said.
“We’re already hearing from small retailers who fear they won’t survive under these unsustainable tariff rates,” French added.
The International Chamber of Commerce (ICC) echoed these concerns, forecasting that U.S. consumers may see noticeable price increases by the end of Q3. Companies that stocked up ahead of the tariff hike may soon exhaust that inventory, further accelerating the impact.