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US trade associations urge Trump to halt tariffs against China

US trade associations urge Trump to halt tariffs against China

Mubasher: More than 45 leading US trade associations called on US President Donald Trump to stop plans to impose taxes on imports from China.

The associations called Trump to work with other nations to propel Beijing to end restrictions on foreign firms.

“[Imposing heavy tariffs] would trigger a chain reaction of negative consequences for the US economy, provoking retaliation; stifling U.S. agriculture, goods, and services exports; and raising costs for businesses and consumers,” trade groups’ letter showed on Monday.

The White House is preparing a raft of measures, comprising tariffs on at least an annual $30 billion of Chinese imports, in a bid to push Beijing to end requirements that US companies transfer technology to Chinese firms.

“We request that the administration allow industry experts the opportunity to comment on these issues, including the economic impact of any potential actions,”  according to the letter.

The decision is expected to come into effect by the end of the current week or the week after.