U.S. companies oppose U.S. additional tariffs on China
WASHINGTON, Kyodo - Many American companies and organizations voiced opposition Monday to President Donald Trump's proposed tariffs of up to 25 percent on an additional $300 billion of Chinese products.
On the first day of a hearing by the Office of the U.S. Trade Representative on the envisaged tariffs, Brent Cleaveland, executive director of Fashion Jewelry & Accessories Trade Association, said importing fashion items “will not threaten national security” but that the levies would hurt consumers and working families.
Ray Sharrah, president of Streamlight Inc., a provider of high-performance lighting tools, said the company will continue to suffer from rising tariffs because it relies on “trusted” Chinese suppliers.
Involving more than 300 companies, the hearing runs through Friday and also on June 24 and 25 at the U.S. International Trade Commission.
After taking into account views expressed at the hearing, Trump will decide whether to proceed with the duties in an effort to compel Beijing to alter what Washington and other countries regard as unfair trade practices.
Trump has expressed eagerness to hold talks with Chinese President Xi Jinping on the sidelines of a Group of 20 summit on June 28 and 29 in Osaka.
The envisaged U.S. tariffs would cover about 3,800 items, ranging from video game consoles and smartphones to textiles and footwear. If enforced, the duties -- together with duties imposed so far -- would see nearly all Chinese imports taxed.
According to an estimate by Trade Partnership Worldwide LLC., the U.S. imposition of 25 percent levies on an additional $300 billion of Chinese imports would result in the loss of more than 2 million American jobs.
Combined with the impact of already implemented tariffs and retaliation between the two countries, these tariffs would also add more than $2,000 in costs for the average American family of four and reduce the value of U.S. gross domestic product by 1.0 percent, it said. (Kyodo)