President Trump In Oval Office Summit With Major US Retailer CEO’s
$AZO, $BBY, $GPS, $JCP, $TGT. $WBA
US President Donald Trump is meeting with a group of retailers Wednesday morning to discuss his at the border-adjustment tax.
The retailers will meet with members of Congress as well as the President, according to the head of government relations for the National Retail Federation (NRF). They will say that the tax measure will raise prices for US consumers, he said.
“Retailers are on the front lines of the consumer-driven US economy,” he said. “It is extremely important that they engage with elected officials on policies of this magnitude and that their voices be heard and acknowledged.”
The gathering is expected to include the CEO of AutoZone Inc.(NYSE:AZO) , Best Buy Co.(NYSE:BBY) , Gap Inc.(NYSE:GPS), JC Penney Co.(NYSE:JCP), Jo-Ann Stores, Target Corp.(NYSE:TGT), Tractor Supply Co. and Walgreens Boots Alliance Inc.(NYSE:WBA).
The issue has pitted corporate giants against one another, with retailers and other net importers on one side and exporters on the other.
There are billions of dollars at stake
The proposed overhaul of the corporate tax code would reward companies that sell products outside the US, while punishing ones that rely on low-cost overseas suppliers.
The idea is to put a levy on US businesses’ domestic sales and imported goods, while exempting exports from their taxable income. The tax would be assessed at a 20% rate and would replace the current 35% corporate income tax.
The Retail Summit comes a week after President Trump assailed Nordstrom Inc. (NYSE:JWN) for dropping daughter Ivanka’s brand in a consumer led political dust-up. The department-store chain treated the first daughter “so unfairly,” the President.
President Trump had an earlier feud with Macy’s Inc.(NYSE:M), which previously sold his brand of menswear. That company split with him in Y 2015 after he criticized Mexican immigrants at the outset of his presidential campaign. Mr. Trump called Macy’s a “very disloyal company” and urged a boycott.
Neither Macy’s or Nordstrom’s was invited to Wednesday’s Oval Office summit.