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nsucurrent.com April 26, 2018


Corporate America Warns Trump Against Broad-Based China Tariffs

20 March 2018, 04:25 | Colleen Roy

Corporate America Warns Trump Against Broad-Based China Tariffs

Corporate America Warns Trump Against Broad-Based China Tariffs

U.K. Trade Secretary Liam Fox said he urged US officials to reconsider imposing steel and aluminum tariffs on the European Union this week, suggesting the move has upset America's allies more than the main culprit for overcapacity, China.

The trade groups represent companies such as Apple, Alphabet - the parent company of Google - Walmart and Nike.

Trump's China-specific plan, totaling an estimated $60 billion annually, goes far beyond the $30 billion plan White House staffers presented to POTUS last week and would allegedly make good on his "America First" campaign promises.

USA 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 agency will consider information about product supply in other countries to determine whether national security considerations warrant a tariff exemption, it said.

"We support holding our trading partners accountable and using targeted trade remedies against intellectual property theft, illegal dumping or subsidies, and other proven trade violations", the letter states. "We can not allow this to happen as it has for many years!"

"Imposition of unilateral tariffs by the administration would only serve to split the United States from its allies, hinder joint action to effectively address shared challenges, and ensure that foreign companies take the place of markets that American companies, farmers and ranchers must vacate when China retaliates against USA tariffs", the letter said. Such measures could also hurt US companies that sell components of products exported from China, as well as raising input costs for American manufacturers, the coalition said. After a major tax reform victory, widespread tariffs on everyday consumer goods will wipe out much of the benefits realized by the average American household.




Tariffs that result in reduced consumption of products would also depress financial markets, the groups said.

"The administration is right to focus on the negative economic impact of China's industrial policies and unfair trade practices, but the U.S. Chamber would strongly disagree with a decision to impose sweeping tariffs", U.S. Chamber of Commerce chief executive officer Thomas Donohue said in a statement.

"These persistent problems jeopardize US global competitiveness, innovation, productivity, and cybersecurity", it said. To apply the tariff on those imports seems a "trifle odd".

They urged the administration to work with them to find effective, alternative responses to Chinese trade practices.

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



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