The retail industry and has stepped up its pressure on the Trump administration not to push its proposed so called "border adjustment tax" on imports it says will cost everyday Americans hundreds of dollars a year.
Major retailers, notably Walmart (wmt, -0.16%), Target (tgt, +0.17%), and Best Buy (bby, +1.17%) are among the more than 100 retailers in the new Americans for Affordable Products group, which has the backing among others of the National Retail Federation and the Consumer Electronics Association and whose creation was announced on Wednesday. The group also includes food and beverage and automotive companies and trade organizations.
The BAT is a part of the U.S. House Republican tax reform proposal, that would impost a 20% levy on imported goods. The tax, which aims in part to finance President Trump's proposed wall along the Mexican border could be particularly painful for retailers: Some 97% of all clothing and footwear sold in the U.S., and more than 90% of electronics, are imported. Items like sugar, coffee and many foods could also be hit.
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