A group of retail executives leading the National Retail Federation met with President Trump on Wednesday to talk "issues."The discussion covered "tax reform, regulatory reform, the economy and other issues," the NRF said. It did not mention any discussion of recent tariffs Trump levied against an array of imports from China — that only peripherally touch the apparel industry — and his threat to add even more after China hit back with its own tariffs, although it seems unlikely this topic went ignored.
“Today’s meeting shows that President Trump appreciates and understands the important role retail plays in the nation’s economy and wants to help our businesses continue to grow,” NRF president and chief executive officer Matthew Shay said.
Christopher Baldwin, NRF's chairman and the president and ceo of BJ's Wholesale Club, added his praise of recent tax reform that pushed the corporate tax rate to its lowest rate in history, a move that's estimated to add an estimated $1 trillion to America's federal deficit. Last year's deficit stood at $665 billion, and in the current fiscal year it is expected to grow to $804 billion, according to new government estimates.
“The continuing year-over-year increases in retail sales seen over the past several months are clear evidence of economic policy that is working," Baldwin said. Tax reform took effect at the start of January.
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