President Donald Trump has instructed federal agencies to examine the United States’ trade policies, aiming to address trade deficits and unfair foreign practices. Credit: Evan El-Amin via Shutterstock

On January 20, 2025, President Donald Trump directed federal agencies to examine the United States’ trade policies, aiming to identify and address trade deficits, unfair practices, and currency manipulation by other nations.

This initiative is part of the administration’s broader “America First” trade strategy, which includes the potential implementation of new tariffs to bolster domestic industries.

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National Retail Federation’s response

In reaction to the President’s directive, the National Retail Federation (NRF) expressed approval of the decision to conduct a thorough review prior to enacting significant new tariffs.

David French, NRF’s Executive Vice President of Government Relations, emphasised the importance of ensuring that trade relationships are fair, balanced, and beneficial for American workers and businesses.

He also highlighted that tariffs function as taxes paid by Americans and advocated for their strategic and limited application.

Potential economic implications

The NRF has previously raised concerns about the economic impact of new tariffs. A study released by the federation indicated that American consumers could lose between $46bn and $78bn in spending power annually if additional tariffs on imports are implemented.

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This, says the retail trade body, underscores the importance of a measured approach to trade policy changes to avoid unintended economic consequences.

Future collaborations and policy development

The NRF has expressed its commitment to collaborating with the Trump administration to achieve policy outcomes that strengthen the US economy, extend tax reforms, and protect American families from inflation.

The federation says it looks forward to contributing to the development of trade policies that attract investment and safeguard critical industries, ensuring that any changes are carefully targeted and beneficial to the nation’s economic interests.