Walmart and hundreds of other companies call on Trump to drop China tariffs
More than 500 companies and 140 groups signed a letter urging the US president to go back to the negotiating table
Walmart, Target, Macy’s and hundreds of other companies and associations made a plea to US President Donald Trump not to impose additional tariffs on Chinese goods, and to return to the negotiating table to strike a trade deal with Beijing.
More than 500 companies and 140 groups representing manufacturers, retailers, oil and gas firms and other industries signed a letter addressed to Mr Trump on Thursday from “Tariffs Hurt the Heartland,” an umbrella group of trade associations that’s pushing back against Trump’s trade war.
“We remain concerned about the escalation of tit-for-tat tariffs,” the companies and groups said in the letter. “We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the US economy.”
Mr Trump placed duties on $250 billion (Dh918bn) of Chinese products in 2018. After talks on a trade deal with China faltered last month, he ordered a tariff increase to 25 per cent from 10 per cent on $200bn of goods and targeted an additional $300bn in products for duties - including consumer items from clothing to toys to mobile phones that the administration tried to spare in previous rounds.
The coalition commissioned a report in February that showed the US tariffs and China’s retaliation would lead to the loss of more than 2 million US jobs, increase costs for the average American family of four by almost $2,300, and trim US GDP.
The president has repeatedly threatened to raise tariffs if Chinese President Xi Jinping doesn’t meet with him at the Group of 20 leaders’ meeting June 28-29 in Osaka, Japan. Mr Trump is still waiting for a response from Xi about a meeting, economic adviser Larry Kudlow said Thursday, and Mr Trump said on Wednesday he had no deadline to return to trade talks.
The companies and groups said in the letter that they support Mr Trump’s efforts to hold trading partners accountable, but that both sides will lose in an escalated trade war.
“We are counting on you to force a positive resolution that removes the current tariffs, fosters American competitiveness, grows our economy and protects our workers and customers,” the companies and groups wrote.
Updated: June 14, 2019 10:38 AM