Business sector warns Trump that his tariffs are hurting jobs and millions of American consumers.
More than 660 U.S. companies and trade associations have sent a letter to President Donald Trump begging him to drop his tariffs on Chinese parts and products, warning that his trade war is hurting the economy, jobs and U.S. consumers.
Trump earlier this week insulted an official of the U.S. Chamber of Commerce who raised some of the same issues in a CNBC interview He questioned the business organization’s patriotism, saying it was worrying more about companies “than the country.” Trump has already increased tariffs from 10% to 25% on $200 billion worth of Chinese goods. The companies cited a Trade Partnership Worldwide study that said Trump’s next round of threatened 25% tariffs on an additional $300 billion worth of Chinese goods would cost 2 million American jobs and add more than $2,000 in additional costs for the average American family of four.
NEW: 661 American companies and associations call on administration to avoid tariff escalation & reach a deal with China #TariffsHurt https://t.co/3SVmf5Q1zV pic.twitter.com/TNMWcnrhN2“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,” the companies said in the letter, which was first reported by CNN.
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