US trade groups warn against tariffs on China

US trade groups warn against tariffs on China
US trade groups warn against tariffs on China
Author

20 March, 2018

"It would stifle USA agriculture, goods and services exports and raise costs for businesses and consumers", feared the groups and companies that had signed the letter, including Apple, Alphabet, Walmart and Nike.

A letter dated Sunday and signed by 45 industry trade groups says that imposing tariffs would only hurt United States businesses and consumers and would not be an effective way to reign in China's worst practices.

Retailers across the US have sent President Trump a letter urging him not to impose massive tariffs on goods imported from China, which could target more than $60B in duties on products ranging from electronics to apparel, footwear and toys.

United States officials should "work with like-minded partners to address common concerns with China's trade and investment policies", the letter reads.

According to The Washington Post, senior aides had presented Trump with a Dollars 30 billion tariff package that would apply to a range of products.

The Trump administration "should not respond to unfair Chinese practices and policies by imposing tariffs or other measures that will harm USA companies, workers, farmers, ranchers, consumers, and investors".

Trade associations publicly pushing back include the U.S. Chamber of Commerce, the National Retail Federation and the Information Technology Industry Council.

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"As you continue to investigate harmful technology and intellectual property practices, we ask that any remedy carefully consider the impact on consumer prices", the letter stated.

The president recently announced plans to impose tariffs on certain steel and aluminum imports, despite opposition from some business sectors.

The RILA letter underscores the lack of broad support Trump has for his planned China tariffs, that would likely see the cost of many popular items bought across America, rise.

The US Commerce Department began accepting applications for exclusions on steel and aluminum tariffs Monday, after releasing its procedure for exporting countries to request exemptions. The practice, according to the White House's estimate, is costing USA companies $30 billion a year in intellectual property loss.

The letter came after the Trump administration was reportedly considering tariffs on 30-60 billion US dollars of annual Chinese imports for China's alleged "unfair trade practices".

Several G20 officials, including the finance ministers from host country Argentina and Germany, said they will insist on maintaining G20 communique language emphasizing "the crucial role of the rules-based global trading system".


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