WASHINGTON — The CEOs of Target Corp. and Best Buy are headed to Washington this week to lobby against a 20 percent border adjustment tax that is part of a larger Republican tax reform plan.
The Retail Industry Leaders Association (RILA) confirmed the trip to the Star Tribune.
Participants, including Target’s Brian Cornell and Best Buy’s Hubert Joly, will meet with members of the U.S. Senate and House to explain that a 20 percent tax on imports will translate into price hikes to customers of retailers. Those price increases could become permanent, retailers fear.
“Given that retail is the largest private sector American employer, retailers support sound policies that spur economic growth and job creation,” RILA said in a prepared statement. “Later this week, several top retail executives will visit Capitol Hill to meet with lawmakers and discuss pro-growth policies that will benefit both American consumers and job creators.”
The trade association, which arranged the fly-in of chief executives, said it could not confirm whether or not the business leaders would meet with President Trump.
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