WASHINGTON (Reuters) – The U.S. National Retail Federation (NRF) said on Friday it is “unrealistic” for American retailers to move out of China, the world’s second-largest economy, as 95% of the world’s consumers live outside the United States.
“Our presence in China allows us to reach Chinese customers and develop overseas markets,” NRF Senior Vice President for Government Relations David French said in a statement.
“This, in turn, allows us to grow and expand opportunities for American workers, businesses and consumers,” he said.
French said U.S. retailers have been diversifying their supply chains for years but finding alternate supply bases is a “costly and lengthy process that can take years.”
Earlier, President Donald Trump said he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods.
Reporting by Nandita Bose in Washington; Editing by Cynthia Osterman