President Trump Holds Roundtable Meeting With Retail Executives (video)…

WASHINGTON (Reuters) – U.S. President Donald Trump on Wednesday called tax code revisions a critical way to boost the nation’s economy as he kicked off a White House meeting with chief executive officers of Target Corp (TGT.N), Best Buy Co Inc (BBY.N) and six other major retailers.

The retailers spoke with Trump about an overhaul of the corporate tax law and infrastructure improvements. While companies like Best Buy and Target support changes to the tax code, they urged Trump to oppose a proposal for a new border tax on imported goods.

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The border tax is among sweeping changes proposed by the Republican-controlled House of Representatives. Convincing Trump to oppose the measure would probably bring an end to it.

Trump had said on Thursday that he would announce his own “phenomenal” tax plan in the coming weeks. U.S. stocks hit record intraday highs, and the U.S. dollar and bond yields rose.

At Wednesday’s meeting, Trump said work on a tax plan was going “really well” but gave no details except to say it would simplify the tax code.

The meeting included Target’s Brian Cornell, Best Buy’s Hubert Joly, Gap Inc’s (GPS.N) Art Peck, Autozone Inc’s (AZO.N) William Rhodes, Walgreens Boots Alliance Inc’s (WBA.O) Stefano Pessina, J.C. Penney Co Inc’s (JCP.N) Marvin Ellison, Jo-Ann Stores’ Jill Soltau and Tractor Supply Co’s (TSCO.O) Gregory Sandfort.  (read more)

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82 Responses to President Trump Holds Roundtable Meeting With Retail Executives (video)…

  1. chasingfactsblog says:

    Thought Charles stated core of problem-
    Would border tax bring back Made in USA, not just consumed in USA

    Liked by 2 people

    • jeans2nd says:

      Border Adjustment Tax (BAT), courtesy of Paul Ryan.

      ” a border adjustment tax means that a tax is levied on imports (goods made overseas but sold in the United States) and exports are not taxed (goods made in the United States but sold elsewhere)…”

      “this results in a de facto penalty on exports while subsidizing imports.”

      “Border adjustments are common in VAT regimes…”
      http://www.forbes.com/sites/timtodd/2017/01/17/what-is-a-border-adjustment-tax/#19fc89801d47

      Liked by 2 people

      • Michael Campbell says:

        Hey, can you explain how not taxing exports, while taxing imports, creates a de facto penalty on exports?

        I’m not sure I follow. I read the article you linked and I still don’t see it. How will it harm U.S. exports to not tax them?

        Like

        • artichoke says:

          You’re stating it backward. The BAT taxes imports not exports. It creates a penalty on imports by taxing them. If USA taxes only exports, and say Mexico taxes only imports, then trade from Mexico to USA is not taxed, and trade from USA to Mexico is taxed twice.

          Liked by 2 people

      • Matt Musson says:

        And that is why FORBES does not allow comments on their articles. Some of them advocate against the basic principles of Adam Smith and ECON 101.

        Liked by 2 people

    • Matt Musson says:

      The three larges Japanese manufacturing facilities in the world are in the USA.
      Remember – the tax is a leveling tax. It applies only when imports exceed exports. So, not only will it encourage made in the USA it will also encourage US Exports.

      Perhaps more important for the long term is the energy price advantage that the USA enjoys right now thanks to the incredibly low price of fracked natural gas. Here is a link to the London School of Economics paper that says USA manufacturing has already enjoyed a 10% increase because of fracked natgas.

      http://cep.lse.ac.uk/pubs/download/dp1454.pdf

      Liked by 2 people

      • paulinohio says:

        Can you explain this statement?

        “Remember – the tax is a leveling tax. It applies only when imports exceed exports.”

        That is not exactly how I understand the BAT to work. What you describe seems more like a scaled tariff.

        Like

        • Toronto Tonto says:

          It’s the same thing. Somehow “tariff” has become a dirty word, while “free trade” gives us enormous trade deficits.

          Like

          • paulinohio says:

            Here is the thing though, the original and still the only plan I have seen that outlines a Border Adjustable Tax is not actually a tariff as it is written. In practice maybe, but not as written.

            With that said, my opinion is almost 180 degrees opposite of yours. We consume more goods than pretty much every other country. We are always going to run trade deficits. Focusing on deficits as if they will ever get to even is crazy.

            Free trade did not make Detroit produce garbage quality cars for so many years – which allowed the Japanese to come along and the Germans to come along to sell us better quality automobiles. This is just one example and there are many more.

            People can run around with their Economics degrees all day long and talk about theories. I’ve been dealing with these issues for many, many years in the real world. I’ve run some phenomenal companies and I’ve owned/sold/bought some phenomenal companies. I deal in reality, not theory. The Border Adjustable Tax is a terrible idea that is nothing more than welfare for Big Corporations. It will raise the price of goods and will disproportionately impact lower income workers who consume many of these imported goods.

            But let’s have some real talk here – China is the problem. We need to deal with China and their currency manipulation, dirty tricks, unfair practices and so on.

            We also need lower energy costs, less union BS, less regulations, spur more entrepreneurs to build new businesses and the list goes on and on. A tariff by itself does not bring jobs back. And the last thing I want to do is give the government more money.

            Liked by 1 person

    • farmhand1927 says:

      President Trump should have invited Nordstrom’s CEO and seated him next to Ivanka.

      Liked by 10 people

    • Paul Revere says:

      A border tax, especially one Ryan approves of, is not going to be good for the USA regular consumer. All that happens is we pay more for the product to cover the new border tax.
      I think the correct approach should be to curtail the flow of product into the country. If there is less of something, the priced may climb in the short term, but then demand will encourage manufacturers here within our borders to fill the gap between supply and demand and the price will drop as supply catches up to demand. This is basic economics folks and is less punitive on the American consumer.

      Liked by 2 people

      • Rob says:

        “If there is less of something, the priced may climb in the short term, but then demand will encourage manufacturers here within our borders to fill the gap between supply and demand and the price will drop as supply catches up to demand.”

        The exact same thing will happen via an excise tax on imports. Different mechanism, same result.

        Liked by 2 people

        • haditwgov says:

          Different mechanism that encourages domestic manufacturing. Same domestic output raises all boats. The newly employed pay taxes and have income to consume other domestic products created more newly employed. Great big happy circle that helps Make America Great Again!! 😉

          Like

        • Paul Revere says:

          Curtailing imports and an excise tax do NOT get the same result. An import tax has the effect of an artificial propping up of a higher consumer prices because the cost of the tax is passed on to the consumer as long as the tax is in place. The result is in essence a federal price support that may spur domestic manufacture of a product in the short term, but then also actually results in a damping of free market pricing that would otherwise lower the consumer price as supplies meet demand.
          We must look to longer term solutions to these complex problems. A tax is short sighted and punitive on American consumers.

          Like

        • The savings on Ocean Freight, Export-Import Management, Foreign Export Taxes, Import Port Fees and Logistics and lower Domestic Energy Costs will make a huge dent in any initial price increases to pay for Domestic Labor.

          Follow-on Domestic Automation will fully offset Domestic Labor Cost disadvantages, and convert low-wage jobs to higher-salary jobs to support automation.

          Like

          • testpointwp says:

            Yes. Very insightful BlackKnightRides.
            When the factories closed down they were not investing in new machinery and equipment because they were dealing with recalcitrant unions and trying to squeeze the last drop of profit out of manufacturing
            plants that were at the point of death.
            Give manufacturers a chance to regroup with new equipment and a motivated work force and we will have competitive prices, high quality products and good paying jobs.

            Liked by 5 people

          • Paul Revere says:

            This is pure BS. The cost of freight and logistics is practically nothing when compared to the low cost of labor and materials overseas. It will do very little or nothing to make up for the cost of our domestic labor market. All those robots you mentioned will keep our unskilled workers out of a job or at wages few Americans will work for unless other social supports are dealt with which force them into our new factories.
            The fact remains however, we are still part of a global market and have to remember we can choose how to restructure our nation to our benefit if we are really smart. Government price supports through tax is not the answer.
            As a nation our goal now seems to be away from the utopian service nation wet dream we have tried to become, and go back to smoke stacks and industrial titans.
            We for the first time since our inception as a nation have a real opportunity to rebuild America. I know we have the right man leading us. But he will not do it alone. We need really smart patriots who are forward thinking with long term wisdom to take us to a new plateau of achievement.
            In other words, flapping your gums about something you obviously know nothing about is not helpful. I am sorry if that sounds snarky, but lets try to control the fantasy and be a bit more pragmatic and realistic.
            For most of us, our contribution must be to support our president and bring pressure to bear on all those who would stand in opposition to him.

            Like

            • Reread your response and note you have added nothing toward solutions.

              If America fails to become the Automation Nation, we’ll be watching our labor-cost disadvantage multiply as we watch others “restructure their nations” to leapfrog us. Although you disdain the American worker’s ability, I do not: Carriage drivers and buggy whip manufacturers adapted to become car mechanics and parts suppliers. American resilience and innovation will win under a President who gives Main Street a shot.

              In fact, you’ve argued in your 2 comments above that (1) curtailing imports [supply] solves the problem and (2) the result will lower prices as [reduced] supply meets demand.

              You’ve twisted yourself into a pretzel that fails to buff up your condescension.

              Like

      • Paul Killinger says:

        Isn’t Trump’s idea to have foreign (and domestic) manufacturers make more things here? And if there were a 20% tax on imported products, wouldn’t that help accomplish this goal?

        That said, what scares me about this tax is what if it’s auccessful and imports decline? Since Govt spends every cent they take in plus some, won’t they will simply up it to 25-30% to make up for the “lost revenue?”

        Like

    • daughnworks247 says:

      Charles Payne is THE MAN. Love him.

      Liked by 1 person

  2. Lucille says:

    Love our our President just keeps on doing his thing. Isn’t it great being a part of Making America Great Again!

    Liked by 6 people

  3. deanbrh says:

    I’m wondering why that particular group was assembled. Do they have something to gain other retailers don’t? Were others invited who didn’t attend? It would have been interesting to get together the CEO’s on the Boycott List, or at least to include one or three.

    Liked by 4 people

    • RG says:

      Well, maybe it wasn’t so much a “boycott” list as you ignorantly suggest, but maybe these are companies are great and haven’t been so ignorant to speak out against the President. Perhaps they haven’t announced publicly that his products or his family’s products are off their shelves until he toes the liberal line. Or perhaps he knows who is feeding the fuel to get idiots marching in the streets and stoning and burning their way into the hearts and minds of low I Q Americans. Or maybe, he just picked enough companies to give him some feedback and didn’t need the fortune 500 in the room? Ya think???

      Liked by 1 person

    • jackphatz says:

      It looks like a good cross section retailing, not just one sector. That “Boycott List” is mostly women’s fashion outlets easily swayed but the anti American Democrat Feminist’s. He already invited Target and JC Penney.

      Like

  4. hrivkan says:

    Interesting Reince Priebus’s seat was empty.

    Liked by 4 people

  5. farmhand1927 says:

    Go buy something made by Under Armour today.

    Liked by 1 person

    • farmhand1927 says:

      I take that back. Looks like he just caved to multi millionaire anti-Trump athletes. He’s gonna learn the American consumer supports strength, not weakness.

      Liked by 3 people

    • The Boss says:

      Buy the stock then. It was mercilessly beat up, and ended up in the bargain rack on the NYSE. In a few years you’ll be thanking The Boss. And I put my money where my mouth is. As for the cry-baby athletes like Curry…the Under Armour CEO should have just let the over-hyped blowback over his very benign comments slide. He got bad advice IMHO.

      Liked by 2 people

  6. be says:

    Tax, tax, tax…. What about cut, cut, cut. No talking head anywhere is talking about downsizing Washington, DC.

    Liked by 2 people

    • PreNanny says:

      I am most eager to hear about Federal income taxes being lowered, ideally eliminated for the 35K and below folks. And before anyone types people have to have skin in the game yadda yadda. I have so much skin in the game am bleeding money out of every pore: Federal,State and County income taxes, local school and real estate taxes, sales tax, gas tax, “sin” taxes, toll roads, per capita tax as well as assorted fees ( read taxes but they think if they cal it a fee that is some how ok ).

      Like

    • Paul Killinger says:

      That’s very incisive. The only person in DC who talks about saving money is Donald Trump!

      Like

  7. TwoLaine says:

    With each of these meetings, President TRUMP Is going AROUND the U.S. Chamber of Commerce and talking directly and HISTORICALLY to their MEMBERS.

    He says, you gotta’ business growth problem, you bring it to me first. I’m the President. I can cut out your costs on lobbyists, and the usual middlemen and memberships, who all just want a piece of your pie and your payroll.

    We can do this TOGETHER, you don’t need them anymore. ❤

    Liked by 20 people

  8. Cow wow says:

    Does this mean I can shop at Target again 😉

    Like

  9. paulinohio says:

    The Border Adjustable Tax is nothing more than corporate welfare for big companies. Go read what Paul Nehlen has to say about it.

    http://www.breitbart.com/big-government/2017/02/15/exclusive-nehlen-paul-ryans-border-adjustment-tax-as-bad-as-tpp/

    Liked by 2 people

  10. Honest Abbey says:

    I am patiently awaiting the day when President Trump has a meeting with retail executives to discuss the QUALITY of the merchandise being sold all across America today.

    We should not have to wear shoes that are made out of vinyl, but try finding a pair of GENUINE LEATHER shoes.

    Try finding a pair of 100% cotton jeans……..Or even a pair of all cotton socks. IMPOSSIBLE TODAY!

    How about a winter coat that is 100% wool instead of 10% wool & 90% JUNK!

    And don’t even get me started on women’s handbags and “leather” jackets……
    All the top designers are pushing their FAKE LEATHER crap and marketing it as “VEGAN” leather.
    VEGAN LEATHER????? That’s just a glorified name for PVC which is yet another name for GARBAGE when it is used to make the things we wear.

    And don’t think the price for this JUNK is reasonable by any standard. It should be a crime to charge hundreds of dollars for a purse (or anything for that matter) that is made out of this man-made CRAP!

    America has become a disposable society and the people have settled for this GARBAGE to flood our garment industry. “Quality” is no longer a concern nor an option for the consumer.

    Bring Back CRAFTSMANSHIP!
    It’s part of the American way of life.

    Liked by 7 people

    • aqua says:

      Try LL Bean. Really nice quality….

      Like

    • TwoLaine says:

      Lovely people. Tell ’em I sent you… 😉

      All American Clothing Co.

      http://www.allamericanclothing.com/ABUS.html

      Like

      • Wayne Robinson says:

        You got that right I love Angie she is very helpful. Head over get on the e mail and get regular deals. Nothing is better than wearing made in America clothing . If you love it why not lube it as they say MAGA

        Liked by 1 person

    • Pam says:

      Here here!

      Like

    • TwoLaine says:

      Another great team! Unbelievable, to be exact. Let ’em know I sent you.

      https://www.oscarmike.org/about-oscar-mike/

      Liked by 1 person

    • Piper says:

      Diamond Gussett Jeans

      Like

    • daughnworks247 says:

      We broke down the “quality” argument to a single issue = towels.
      Because we own a B&B, with 80 loads of laundry in a week, I could probably pass court muster as an expert on towels.
      Imported towels have weak hems, flaws in the fabric, must be replaced (or if it’s a hem, repaired) constantly. It makes me crazy.
      On the other hand, 30 years ago when I moved into my first apartment, my parents sent me 14 moving crates of what they would consider their garage sale items, to help me set up houskeeping. Within the 14 boxes were 27 sets of towels, hot pinks and lime greens from the 60’s, avocado, harvest gold, and rust from the 70’s. None of them “my” color for 1984, but I was grateful for what became my rag bin.
      As we all do, the rag bin moved from apartment to house to house throughout my life.
      Just this morning, I grabbed a hot pink hand towel to clean a mirror. I’m thinking that towel is probably as old as I am. It’s now soft as butter from thousands of washes, slightly faded, but it’s still a good towel.
      It goes back to Sundance’s argument about durable goods versus consumable goods.
      Cheap imports have, in effect, turned MANY durable goods into consumable goods because of lackluster quality. Cheap furniture which is discarded instead of re-upholstered, 2 years on a cell phone, a man’s suit, and TOWELS, drive up our overall consumer costs.

      Liked by 4 people

      • PNWLifer says:

        A great startup called Parachute Home has amazing Turkish towels and very reasonable prices with a bath sheet only $39 – bargain compared to most places. I’ve had mine a year, wash them constantly and they are still amazingly soft, absorbant and intact. Honestly, you’d think they are new towels. We love them and will buy them again, although it doesn’t seem like that will be necessary anytime soon! Two houseguests have asked where they came from and ordered for themselves when they went home.

        Like

      • Paul Killinger says:

        Indeed, “life cycle” costs are all too often ignored by consumers.

        Like

    • Kaco says:

      I hear you loud and clear. Went to Kohls the other day with a 30% off. Nothing but polyester! I loathe polyester, pills and doesn’t breathe! I already know they don’t have leather shoes. I used to be an avid shopper there. JC Penney is about as bad. When I do find cotton shirts for my boys, the 100% cotton is very thin. Sick of the junk merchandise. These stores used to carry leather shoes and 100% cotton for years. Needless to say, I didn’t buy anything at Kohls.

      Liked by 1 person

  11. Brick and mortar retailers are in jeopardy. The future is in decline for them. Online sales are ramping up and tearing into their market. The retailers laughed a few years ago but they are not laughing anymore. The issues are way more complicated than just taxation and tariffs.

    As an example I went shopping for an add-on autopilot recently for the sailboat. The local store has one unit for $x. Online there is that unit for 25% less and free shipping to my door. They also have 4 different packages with other stuff in them at different price levels. Like shoes, one width for all at the store. Two types of flannel shirts, three types of sweaters, two belts, etc. Online….thousands of each for less money.

    So the choice is simple…go to the store for limited choice at higher prices or shop online for seemingly unlimited choices of colors, sizes, and other options for less money shipped straight to your door. You can also shop in your PJ’s at midnight if you want to. Retailers are in for a very rocky future….

    Liked by 4 people

    • TwoLaine says:

      Brick & mortars have also been going downhill fast because of the push for $15 minimum wage and ObamaCare for part-timers.

      Like

      • AmericaFirst says:

        And groups of “teens.” They sometimes take advantage of the five finger discount.
        What I have noticed for a long time is how saturated most cities are with retail spaces to let, and yet more and more and more being built all the time. Many of which also end up empty, spending months or even years with For Lease signs out front, until finally they quietly turn into a small office or yoga shop.

        Liked by 3 people

    • Sentient says:

      I don’t see how online vs brick & mortar is impacted by a border tax. I also don’t see why retailers care about a border tax – other than out of fear that aggregate retail spending will go down. Honestly, if Americans bought fewer $12 shirts that they were hauling off to Goodwill 6 months later it wouldn’t be the worst thing in the world.

      Liked by 1 person

  12. Texian says:

    CEOs’ getting schooled today by the Big Guy..

    One of my grade school Nuns had a yardstick – a thick one – like half inch thick. She would get up and walk around the room brandishing her weapon; If you were out of order or not paying attention.. “THWACK!” right on your desk in front of you – and I mean hard. We feared Nuns.. “Attila the Nun..”.

    Sir Donald Trump, Sir Steve Bannon or Sir Stephen Miller ought to walk around the table with a baseball bat..

    Like

    • Sentient says:

      Oh, you had a nice nun. My 2nd grade nun would whack me on the head with a math book.

      Like

      • daughnworks247 says:

        We still have those great teachers. Less than 8 yrs ago, a Catholic school teacher threw a shoe at my son when he nodded off. WTG teacher!!!!!! She ended up being one of his favorites.

        Like

  13. testpointwp says:

    Let’s hope some of these CEO’s develop some fortitude and don’t fold after a handful of customers whine and complain about their time with President Trump.

    Under Armour CEO, Kevin Plank came out of his meeting all smiles and enthusiastic about what Pres. Trump could do for America and businesses in America. The following week he penned a letter in a full page ad in the Baltimore Sun to repent of the sin of temporarily saying something mildly positive about the POTUS.

    Here’s a clue Mr. Plank – Stephen Curry, Dwayne “The Rock” Johnson and Misty Copeland are getting paid millions to endorse your products.. If they are too dumb to understand that, tell them to take a hike, support Pres. Trump and watch your sales and profits sky rocket.

    Liked by 2 people

  14. Piper says:

    President Trumps is going to hold press conference in a minute

    Like

  15. 4bleu says:

    Everyone introduced themselves, POTUS Trump opened to the media and did they just boot the yappers out for not asking anything about retail business, but about the l’affaire Flynn?
    yesssssss
    So average citizen poses a few relevant to the subject:
    How do they perceive the job market with the environment of :
    taxes
    illegals self-deporting
    entry-level job-training programs for high school students,
    what basic skills do they want in employees that they aren’t getting from schools?
    (level of math and comfort with it, level of reading and writing, languages)

    Liked by 1 person

  16. TedL says:

    Speaking of retail . . .http://joannenova.com.au/2017/02/kelloggs-sells-social-justice-cereal-calls-half-the-population-names-and-posts-53m-loss/#more-53048

    “The new marketing move by Kelloggs to insult half its customers doesn’t seem to be working out too well. Last year Kelloggs jumped into politics by loudly cancelling advertising on Breitbart saying the new media outlet didn’t fit their values. It was an attempt to punish the big winner in the new media for reporting politically incorrect news. Breitbart responded with the DumpKelloggs petition, and 436,000 people pledged never to buy Kelloggs again.

    The company has now reported a $53 million dollar loss in the fourth quarter. It’s shutting down 39 distribution centres, potentially sacking 1,100 workers. Kelloggs share prices are back to where they were a year ago, but Kraft-Heinz is up 31%, and Post is up by 37%. Hey, but it could be a coincidence.”

    Also, Jo Nova’s blog is a pretty good global warming skeptic website

    Liked by 2 people

  17. spindlitis says:

    I’m just happy that Best Buy was in on this one. I went in yesterday and we bought a modern TV and a hard drive so I can tape OTA shows on my DVR. I have so many companies to boycott 😉

    We dumped Directv and I am trying to get things set up to make my husband happy with that decision.

    Like

  18. Marc says:

    Donald Trump as a candidate NEVER said he wanted to tax all imports. He only wanted to penalize companies that shipped jobs overseas only to import their products into the US at zero cost. The 30-40% tariff was for American companies as a punishment for un-American business practices that hurt US workers.

    Paul Ryan is hurting the American consumer with this BAT. Weren’t these the same RINOs protesting Trump’s protectionist policy on trade? Now they’re going further than him. He’s intentionally fouling the water by pushing this crap. President Trump will pressure the Senate to not pass this but they will and he will have to veto.

    Liked by 1 person

  19. President Trump is such a gentleman. He pulled out the chair for the Joann’s executive which is so refreshing.

    Liked by 1 person

    • boomerguy says:

      I was watching her (Jill Soltau) during the meeting. The expression on her face – she was totally enthralled with DJT the entire time. The ;word “beaming” comes to mind…

      Like

  20. RP says:

    Anyone else notice the flags in the Press Conference and in the Oval Office are sans gold fringe?

    That is a yuuuuge tell for anyone paying attention….

    Like

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