U.S. trade groups raise concerns over Trump planned tariffs on China

U.S. trade groups raise concerns over Trump planned tariffs on China

U.S. trade groups raise concerns over Trump planned tariffs on China

Several large retail companies, including Wal-Mart, Target, Best Buy and Macy´s, are making a direct appeal to President Donald Trump not to impose massive tariffs on goods imported from China, in a letter sent to the White House on Monday.

US companies from Walmart Inc. to Amazon.com Inc. are warning President Donald Trump that any sweeping trade action against China could raise consumer prices, increase costs for businesses and hurt stock prices.

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". "We must do right by American families, and make sure they are not the ones who will pay for China's harmful technology practices".

Another petition signed on Sunday by organizations representing a broader mix of industries, including technology and agriculture, advised the White House to "work with like-minded partners to address common concerns with China's trade and investment policies".

That's double what was proposed in an earlier tariff package that aides presented to Trump.

China is likely to retaliate if the tariffs go into effect.

Trade associations publicly pushing back against Trump's tariff plans include the US Chamber of Commerce, the National Retail Federation and the Information Technology Industry Council.

The administration is also considering clamping down on Chinese investments in the USA and imposing tariffs on a broad range of its imports to punish Beijing for alleged theft of intellectual property, according to people familiar with the matter.

It is yet to be seen how the media and lawmakers will react to Trump's new plan, considering the bipartisan backlash his recently-instituted tariffs on steel and aluminum imports garnered.

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.

US Treasury Secretary Steven Mnuchin, who will attend a two-day meeting of the Group of 20 finance ministers, is expected to defend Trump's trade plans against widespread global criticism.

"Save manufacturing jobs and say no to steel tariffs", the ad says.

Since 2017, China has imposed a rule that US companies must share their technology with their Chinese counterparts in order to do business in the country.

The Trump administration's decision on tariffs may come in the next few weeks, according to The Wall Street Journal.

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