The Retail Industry Leaders Association reacts after a hearing about China’s exchange rate policy and the current trade imbalance that went before the Senate Banking Subcommittee on Economic Policy, states the American Shipper magazine. The hearing discussed legislation that would allow duties to be imposed on Chinese imports to address currency undervaluation allegations.

“Higher tariffs have never proven to be a wise solution for American economic growth,” said Stephanie Lester, RILA vice president for international trade. “RILA supports economic engagement with China and addressing our trade gap with China. We firmly oppose legislation that threatens to cut off access to the U.S. market and drive up prices for consumers.”

RILA has warned that higher tariffs would negatively effect U.S. businesses and its consumers.

To read more about RILA's reaction, click here.