The Republican proposed border adjustment tax would have a negative impact on U.S. families, Target (TGT) - Get Target Corporation Report CEO Brian Cornell told  CNBC's "Power Lunch" on Tuesday. 

"We're looking at that very carefully. I think we've had great meetings in Washington, including with President Trump and members of the House and Senate," Cornell said.

Cornell's statement this afternoon comes after Target missed expectations for its fourth quarter, reported Tuesday morning. The retail giant also lowered its outlook for fiscal 2017.

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