Thursday, 22 August, 2019

Walmart, Macy’s and Target Among 600 Companies Urging Trump to Abandon Tariffs

Will the Real Tariff Man Please Stand Down Source AP
Steven Clarke | 14 June, 2019, 19:59

The letter came as the U.S. Trade Representative Office plans to begin a public hearing on June 17 to solicit public comments on and responses to proposed tariff measures.

Additional 25% tariffs on $300 billion in imports, on top of those already levied, would wipe out more than 2 million U.S.jobs, the letter said, citing estimates from global consultancy the Trade Partnership.

"We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the USA economy", read the letter.

"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".

The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing.

Mr Trump has said he wants to meet Mr Xi there and will decide on whether to extend tariffs to nearly all Chinese imports after that.

Federal Bureau of Investigation joins probe into mystery deaths in Dominican Republic
A preliminary autopsy for Schaup-Werner showed she suffered from a heart attack, pulmonary edema and respiratory failure. He was in the Dominican Republic vacationing, according to his obituary , which said he died "unexpectedly".

In the letter, the companies cited a study which found that 25% tariffs on an additional $300 billion worth of Chinese goods would add more than $2,000 in costs for the average American family of four.

"It looks like we're moving in that direction", White House spokesman Hogan Gidley told Fox News Channel when asked if the two leaders would have a bilateral meeting.

"The overall economic burden will hurt China more than it hurts us", said Larry Kudlow, director of the White House's National Economic Council.

Walmart, the largest United States private sector employer and the world's largest retailer, has said that tariffs will increase prices for USA consumers.

They would also add more than US$2,000 in costs for the average American family of four and reduce the value of USA gross domestic product by 1 percent, the letter warned.

"An escalated trade war is not in the country's best interest, and both sides will lose", the most recent letter ended.

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