“We have seen the implementation of reciprocal tariffs across the globe, with a number of key trading partners being subjected to tariffs higher than the earlier 10% tariffs,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
The drop reflects mounting trade pressures and shifting supply chain strategies by U.S. retailers, according to the latest Global Port Tracker report.
"If the Durbin Amendment is to mean anything, it’s that there are specific costs that banks can recover from merchants, and costs that they categorically cannot recover from merchants."
The NRF argues that progress in these areas will be critical to maintaining the nation’s economic momentum in the months ahead.
NRF Executive Vice President of Government Relations David French urged the administration to pursue “binding trade agreements that truly open markets by lowering tariffs, not raising them.”
The early start is up from 55% last year and is the highest since NRF started tracking early shopping in 2018.
“June’s numbers indicate that prolonged uncertainty surrounding the economy, tariffs and trade policy could be pushing consumers to adopt a ‘wait-and-see’ approach with their household budgets,” NRF president and CEO Matthew Shay said.
“The tariff situation remains highly fluid and retailers are working hard to stock up for the holiday season before the various tariffs that have been announced and paused actually take effect,” NRF vice president for Supply Chain and Customs Policy Jonathan Gold said.
“Economic fundamentals appear solid at this juncture, but uncertainty is pervasive,” Kleinhenz said.
The Act mandates that retailers place a notice next to any price determined using customer information, stating: “This price was set by an algorithm using your personal data.”
“This bill protects the conditions that allow retailers to grow, hire and deliver value to American families.”
Replacing the longstanding Reverse Logistics Association Conference & Expo, the inaugural NRF Rev will debut January 11–12, 2026, at the Sheraton New York Times Square Hotel.
The findings align closely with last week’s CNBC/NRF Retail Monitor, powered by Affinity Solutions.
The 90-day pause has opened a critical window for retailers to move previously delayed cargo.
The multitrillion-dollar tax cut and spending bill now heads to the Senate.
On June 24, five experienced loss prevention professionals will receive recognition at the annual NRF PROTECT conference held in Grapevine, Texas.
