Leaders from Target, Walgreens Boots Alliance and J.C. Penney discuss tax reforms with President at White House
President Donald Trump met with key leaders from the US retail industry yesterday to discuss potential revisions to corporate tax law and infrastructure.
Those in attendance included: Target's Brian Cornell, Walgreens Boots Alliance’s Stefano Pessina, J.C. Penney Co’s Marvin Ellison, Best Buy's Hubert Joly, Gap’s Art Peck, Autozone’s William Rhodes, Jo-Ann Stores' Jill Soltau and Tractor Supply Co's Gregory Sandfort.
Trump tweeted shortly after the morning meet saying that it had been a “great listening session”.
Great listening session with CEO's of the Retail Industry Leaders Association this morning! pic.twitter.com/sy6xJcWfcF— Donald J. Trump (@realDonaldTrump) February 15, 2017
Reuters reports that companies including Target and Best Buy supported changes to simplify the tax code – which Trump has said is a critical way to boost US economy – but also urged him to oppose a new border tax on imported goods.
Many of the companies Trump met with rely on overseas operations and factories for their products, which means they may have to raise prices if the import border tax is introduced.
The US retail industry has been struggling over the past few years due to the rise of e-commerce, among other factors.
Walmart, Nordstrom, Sears Holdings, which owns Sears and Kmart, and Macy’s have all announced store closures in the past 12 months.
Meanwhile, Kenneth Cole announced in November it would be closing its entire US division including 63 bricks-and-mortar stores.