Much to the relief of many retailers, lawmakers have killed a proposal that would have imposed a border adjustment tax on imported goods entering the United States.

Retailers have opposed the tax, arguing that costs would be passed onto consumers as a result.

House Speaker Paul Ryan, R-Wisconsin, with several other government officials—Senate Majority Leader Mitch McConnell, R-Kentucky, U.S. Treasury Secretary Steven Mnuchin, National Economic Council director Gary Cohn, U.S. Sen. Orrin Hatch, R-Utah, and U.S. Rep. Kevin Brady, R-Texas,—issued a joint statement on July 27 announcing plans for tax reform but stated they would be abandoning the border adjustment tax.