>> The heads of some of the nation's biggest retailers are joining forces and heading to Washington Wednesday and it's not to pat President Trump on the back. Sources telling Reuters that CEOs from Target, Best Buy, JC Penney and at least five other retail executives will try to convince President Trump to kill his border tax plan.
Because it will damage the industry by forcing them to raise prices. The White House confirms Trump is meeting with retailers just like he's done with auto makers, drug companies, and other business leaders. But sources say this meeting is certain to be different, while retailers favor lower taxes, a retail industry group is leading the fight on Capital Hill to send the import tax plan straight to the graveyard.
Best Buy has been aggressive, circulating a flyer which claims the nation's largest electronics chain 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 20% tariff.
Retailers are particularly concerned given the industry is in the fight of its life as consumer dollars increasingly shift away from malls and physical stores to online shopping. Noticeably absent from the guest list, Nordstrom, Sears, Kmart, TJ Maxx, and Macy's. All companies that have dropped Trump family merchandise.