President Donald Trump floated his endorsement of a 20% “border adjustment” tax on imported goods favored by U.S. House Republicans as a financing mechanism to pay for a wall on the U.S. border with Mexico, a construction project that could cost some $20 billion, White House press secretary Sean Spicer told reporters on Thursday.
Retailers would no longer be able to deduct the cost of merchandise they import under such a plan, hiking taxes three to five times higher for some merchants and driving up the price of imported goods, according to the National Retail Federation.
