NRF CEO Says Consumers, Businesses to See Tariff Impact 'Pretty Quickly'

The video discusses the potential impact of tariffs on the US economy, highlighting concerns about escalating trade tensions with China and the possible negative effects on the benefits of recent tax cuts. It also covers legislative efforts to require congressional approval for tariffs, emphasizing bipartisan concern over the issue.

What is the primary concern regarding the tariffs discussed in the first section?

• The tariffs will immediately boost the economy.

• The tariffs will have no impact on international relations.

• The tariffs will only affect small businesses.

• The tariffs may lead to a trade war with China.

How might a trade war affect the benefits of tax reforms according to the second section?

• It will enhance the benefits of tax reforms.

• It will only affect tax reforms in Europe.

• It will have no effect on tax reforms.

• It could erase the benefits of tax reforms.

What is the potential job loss mentioned in the second section if a trade war occurs?

• 2 to 3 million jobs

• 10 million jobs

• 1 million jobs

• 500,000 jobs

What legislative action is being supported to address the President's authority on tariffs?

• A bill to reduce taxes on imports.

• A bill to eliminate all tariffs.

• A bill to require congressional approval for tariffs.

• A bill to increase tariffs unilaterally.

What is the general sentiment in Congress regarding the tariffs, as discussed in the third section?

• There is widespread support for the tariffs.

• There is bipartisan concern about the tariffs.

• Only one party is concerned about the tariffs.

• Congress is indifferent to the tariffs.