Major Retailers Discuss How Trump's Anti-China Tariff Plan Could Hurt Americans
20 March, 2018, 04:45 | Author: Jason Torres
In a letter first reported Sunday by the Wall Street Journal, 45 U.S. trade groups representing everything from the high-tech industry to apparel vendors and auto parts importers said planned tariffs on China shipments would backfire sooner or later.
The White House will decide on the tariff plan this week or next.
The US trade deficit with China ran to a record $375 billion past year - but US exports to the country were also at a record. But the White House confirmed to CNN last week that the administration is weighing tariffs on at least $30 billion worth of other imports from China. Washington could impose more than $60 billion in tariffs on goods ranging from electronics to apparel, footwear and toys.
On Monday, Walmart, Ikea, Target and nine other large retail brands in the US signed a petition to urge the Trump administration to halt the anti-China tariff plan.
Broad-based tariffs on Chinese goods would "trigger a chain reaction of negative consequences for the US economy", a coalition of more than 40 business groups led by the Information Technology Industry Council said Sunday in a letter to the president.
Everyone's Irish for at least one day of the year This is done as a commemoration of St Patrick's Day , a yearly event that celebrates Irish culture and history . Celebrated properly, St Patrick's Christian inheritance should be free from all narrow political trappings.
According to data from the American Apparel & Footwear Association (AAFA), 41 percent of clothing, 72 percent of footwear and 84 percent of travel goods sold in the USA are made in China. They said they feared a chain reaction of negative consequences. "Were this investigation to result in a broadly applied tariff remedy on imports from China, it would hurt American households with higher prices and exacerbate a USA tariff system that is already stacked against working families", the letter goes on. Higher tariffs will mean higher costs to businesses and in turn higher prices for American families.
The business groups said while they had serious concerns about China's approach to trade, unilateral tariffs by the United States would only separate the country from allies, and encourage them to replace the USA business presence in China when Beijing retaliates.
Rather, the USA "should work with like-minded partners to address common concerns with China's trade and investment policies".
"We urge the administration not to impose tariffs and to work with the business community to find an effective, but measured, solution to China's protectionist trade policies and practices that protects American jobs and competitiveness", the groups wrote.
"Tariffs are a hidden tax on Americans-plain and simple", he said in a statement.
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