‘Tariffs would be harmful to US economy, consumers’
The rift between the US President Donald Trump and business community over the country's trade policies is widening further. In the latest event marking the growing rift, tens of the US trade associations have urged Trump not to impose tariffs on China saying it would be "particularly harmful" to the US economy and consumers.
In a letter to Trump, forty five trade associations representing retail, technology, agriculture and other consumer-product industries warned that the tariffs on China would have some harmful consequences like raising the prices of consumer goods, killing jobs and driving down financial markets.
"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 letter said.
The associations also expressed serious concerns about China's trade policies but warned the US administration’s tariffs would be particularly harmful.
“Unilateral tariffs by the US would only separate the country from allies, and encourage them to replace it’ business presence in China when Beijing retaliates,” they said.
The letter comes as reports say Trump administration is preparing tariffs against Chinese information technology, telecoms and consumer products in an attempt to change Beijing’s intellectual property and investment practices.
"We urge the administration to take measured, commercially meaningful actions consistent with international obligations that benefit US exporters, importers, and investors, rather than penalize the American consumer and jeopardize recent gains in American competitiveness," the associations said.
Trump has already begun to take more aggressive steps he says are needed to protect domestic industry. He recently announced plans to impose tariffs on certain steel and aluminum imports, despite opposition from some business sectors.
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