On the campaign trail, President Donald Trump promised to bolster U.S. manufacturing; slash the corporate tax rate; build a wall on our southern border to keep out illegal immigrants; and invest more than $1 trillion to upgrade the nation’s aging infrastructure.

WASHINGTON, DC——A Border Adjustment Tax sounds innocuous, but executives of major retailers warn that a 20 percent import tax would punish American consumers by raising the prices of electronics and other goods manufactured abroad.