More than 650 American companies and trade associations signed a letter sent Thursday to President Donald Trump that said additional tariffs against China “will have a significant, negative and long-term impact on American business, farmers, families and the U.S. economy.”
Tariffs Hurt the Heartland organized the letter — signed by major retailers such as Walmart, Target and Macy’s as well as manufacturers and tech companies — that was sent days before the Office of the United States Trade Representative’s public hearing scheduled for Monday on Section 301 tariffs of up to 25% on Chinese products with an annual trade value of about $300 billion. The Trump administration also announced in May that 10% tariffs across $200 billion worth of Chinese goods in 2017 import value will increase to 25% beginning Saturday in addition to the 25% tariffs across another $50 billion of goods.
The letter, citing information from Trade Partnership Worldwide, said the new tariffs would cause the loss of more than 2 million U.S. jobs, add more than $2,000 in costs for the average American family of four and reduce the value of the U.S. GDP by 1%.
“We urge your administration to get back to the negotiating table while working with our allies to develop global, enforceable solutions,” the letter said. “An escalated trade war is not in the country’s best interest, and both sides will lose.”
Trump tweets plan to raise China tariffs
Tariffs across $200 billion worth of goods in yearly import value will be raised from 10 percent to 25 percent on Friday, the president tweeted on Sunday.
2 months ago