Bosses of some of the world’s biggest retailers are meeting President Donald Trump today to discuss tax reform and infrastructure improvements in the US.
Walgreens Boots Alliance chief executive Stefano Pessina, Target chief executive Brian Cornell and Gap supremo Art Peck are among the clutch of retail leaders speaking to the US President.
Best Buy chief executive Hubert Joly, JC Penney’s Marvin Ellison and Jo-Ann Stores president Jill Soltau are also descending on Washington, according to Reuters.
It is thought they will lobby President Trump on his controversial proposal to tax all imports, which they fear will raise prices and damage their businesses.
According to reports, they will also meet heads of the two tax-writing Congressional committees today, Kevin Brady and Senator Orrin Hatch.
Brady and Speaker Paul Ryan are spearheading House Republican proposals to reduce corporate income tax from 35% to 20%, exclude export revenue from taxable income and introduce a 20% tax on imports.
President Trump is in the process of finalising his tax plans, which he is due to unveil in the coming weeks.
He has previously voiced concerns about the House Republican proposal, which he labelled “too complicated.”
Retailers have been vocal opponents, claiming a 20% tax on imports would increase prices and wipe out profits.
Best Buy, the largest electronics retailer in the US, has circulated a flyer to lawmakers.
It quotes an analyst forecast that the 20% tax would turn its projected annual net income of $1bn into a $2bn loss.