Associated Press
- More than 600 companies and trade groups sent a letter to the Trump Administration warning of catastrophic effects on American consumers from the escalation of tariffs on Chinese goods.
- "We remain concerned about the escalation of tit-for-tat tariffs," the letter reads. "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."
- Companies large and small signed the letter, including Walmart, Target, Macy’s, and Costco.
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Companies across America are not taking the Trump Administration’s tariffs on Chinese goods lying down.
More than 600 companies large and small, including heavyweight nationwide retailers like Walmart, Costco, Target, and Macy’s, signed on to a letter addressed to the Trump Administration decrying the tariffs due to their effect on American consumers.
"We encourage the administration to negotiate a strong deal with China that addresses longstanding structural issues, improves U.S. global competitiveness, and eliminates tariffs," the letter reads. "We believe this goal can be achieved without taxing Americans."
Currently, $200 billion in goods like baggage, mattresses, vacuum cleaners, and air conditioners from China are subject to a 25% tax, as of May. Trump has also threatened to apply the same tariff on an additional $300 billion in goods in categories of more everyday items, like toys, clothing, shoes, and TV sets.
"Broadly applied tariffs are not an effective tool to change China’s unfair trade practices," the letter reads. "Tariffs are taxes paid directly by US companies, including those listed below— not China."
The letter was organized by Tariffs Hurt the Heartland, a coalition of concerned business groups that oppose the tarifffs on Chinese goods in the retail, tech, manufacturing, and agriculture, according to CNN.
Read more: These retailers could be worst hit by the trade war with China
Though many retailers are putting on a brave face, many have said in recent weeks and months that the new tariffs would force them to raise prices, resulting in higher costs paid by US consumers for the same items.
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Source: Business Insider – dgreen@businessinsider.com (Dennis Green)