WASHINGTON, D.C. — Target CEO Brian Cornell was among eight retailers who headed to Washington Wednesday to express their disapproval of the proposed Border Adjustment Tax. The group, which also includes Best Buy CEO Hubert Joly, Gap CEO Art Peck and Autozone CEO William Rhodes, met with President Donald Trump, Kevin Brady, chairman of the House Ways and Means Committee — responsible for writing taxes — and members of the U.S. Senate.
As Drug Store News reported, Walgreens Boots Alliance, Rite Aid, Walmart and Target have joined the Americans for Affordable Products coalition in an effort to stop the BAT. News reports have stated the BAT could cause retailers’ customers to spend as much as 20% more on everyday items including food, gas and clothing. According to the National Retail Federation, enacting the BAT on imports could cost American families as much as $1,700 per year.
The Retail Industry Leaders Association issued the following statement from RILA Chairman and AutoZone Chairman, President and CEO Bill Rhodes, following the meeting.
"Today, we had a positive and productive conversation with President Trump about the important role the retail industry plays in our national economy. We stressed the importance of taking a thoughtful approach to tax reform for both individuals and corporations. The retail industry is the nation's largest private sector employer providing and supporting more than 42 million American jobs. The President understands we support pro-growth policies that we believe will lead to greater domestic investment. We look forward to working with the President and his Administration on the issues of importance for our industry, our employees and American working families, who by and large are our customers.”