Retail CEOs Discuss Concerns, Pro-Business Policies With Trump
February 15, 2017,
WASHINGTON, D.C.—The CEOs from Target Corp., Best Buy Co. Inc., J.C. Penney and others met with President Donald Trump today to discuss several issues, including the Republican-proposed Border Adjustment Tax (BAT).
Trump with retail CEOs today
“We had a positive and productive conversation with President Trump about the important role the retail industry plays in our national economy,” said Bill Rhodes, the president, CEO and chairman of AutoZone, as well as the chairman of the Retail Industry Leaders Association (RILA).
The group, which included Brian Cornell of Target, Marvin Ellison of J. C. Penney and Jill Soltau of Jo-Ann Stores, “stressed the importance of taking a thoughtful approach to tax reform for both individuals and corporations,” Rhodes said. “The retail industry is the nation’s largest private sector employer providing and supporting more than 42 million American jobs. The President understands we support pro-growth policies that we believe will lead to greater domestic investment. We look forward to working with the President and his Administration on the issues of importance for our industry, our employees and American working families, who by and large are our customers.”
BAT is a component of the U.S. House Republican tax reform proposal.
“The House proposal for a border adjustment tax would drive up prices paid by American consumers, significantly impact the consumer spending that makes up two-thirds of our nation’s economy and threaten tens of millions of jobs supported by the retail industry,” said David French, the senior vice president for government relations of the National Retail Federation. “Retailers want to work constructively with our elected leaders for true, pro-growth tax reform. We are grateful for the opportunity to engage with Congressional leaders and the President to achieve that shared goal.”
The meeting focused on economic growth and domestic investment, two “pressing issues confronting American families,” said a statement from the Americans for Affordable Products, a newly launched coalition of more than 150 business leaders, entrepreneurs and job creators. “We stand ready to work with the new administration in advancing pro-growth policies that work for all Americans, particularly middle-income households.”