>> It was all smiles around the table as some of the nation's biggest retailers met Wednesday at The White House. But sources tell Reuters the executives were expected to give President Trump an earful when it comes to his proposed 20% import tax. CEO's from Target, Best Buy, JC Penney, and five other retail executives are trying to convince President Trump to kill his border tax plan.
Because they say it will damage the industry, by forcing prices to go up, according to people Reuters spoke to ahead of the meeting. Trump, who is counting on the border tax to pay for his wall with Mexico, is trying to win retailers over with talk of lower regulation and tax cuts that he says will boost their business.
>> In addition to reducing government regulations we'll also reform our tax code to help middle income families and American businesses grow and thrive.>> Retailers already fighting for their survival as more people shop online, also plan to take their cause to Capitol Hill Wednesday. Best Buy circulating a flyer among lawmakers, claiming as the nation's largest electronics chain, it would swing from a $1 billion net profit to a $2 billion loss as a result of the tax.
It's important to note, nearly all of the clothes, shoes, and electronics sold in America are imported and would be subject to the proposed tariff. Noticeably absent from the roundtable, Nordstrom, Sears, Kmart, T.J. Maxx, and Macy's. All companies that have dropped Trump family merchandise.