Target CEO Brian Cornell is planning to meet with President Trump Wednesday morning to urge him to toss out a big plan he has to keep jobs in America and secure our southern border.
Joined by Best Buy CEO Hubert Joly, Cornell wants to try to get Trump to not enact his planned 20 percent border tax on foreign imports, according to the Star Tribune.
Trump has touted the plan as a way to keep American companies from producing so many products overseas. Several large companies have already responded by cancelling plans to build factories in other countries and instead create more jobs here.
Trump also floated the idea as a roundabout way to have Mexico pay for the new border wall, although according to CNBC, White House Press Secretary Sean Spicer said recently that the plan is still just a proposal, not a promise.
Target and Best Buy are planning to argue on Wednesday that because so much of their merchandise comes out out of the country, their only way to handle paying the tax is to pass the increased cost onto their customers, charging them up to 20 percent more for many of their products.
Target has noted that "A large portion of our merchandise is sourced, directly or indirectly, from outside the United States, with China as our single largest source.”
The clothing retailer continues to suffer under competition from Amazon and has not been able to shift customers to its online store successfully like Walmart has. It’s also been suffering from lost sales due to its very public transgender bathroom and fitting room policy, which caused many customers to boycott the store out of fear for the safety of women and children.
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