“We remain concerned about the escalation of tit-for-tat tariffs," according to the letter sent Thursday by Tariffs Hurt The Heartland, the largest nationwide business community effort against tariffs and backed by more than 150 trade groups across retail, tech, manufacturing and agriculture sectors. “Additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy. Broadly applied tariffs are not an effective tool to change China’s unfair trade practices. Tariffs are taxes paid directly by U.S. companies….not China.”
Trump administration has already raised tariffs to 25% from 10% on about $200 billion of furniture and
other imports from China and threatens to impose 25% of additional tariffs on another $300 billion of Chinese imports that will affect categories including apparel, shoe and toys. The letter was delivered as the Office of the United States Trade Representative is set to begin hearings considering the 25% tariffs on the remaining $300 billion in Chinese imports.
other imports from China and threatens to impose 25% of additional tariffs on another $300 billion of Chinese imports that will affect categories including apparel, shoe and toys. The letter was delivered as the Office of the United States Trade Representative is set to begin hearings considering the 25% tariffs on the remaining $300 billion in Chinese imports.
Imposing new tariffs on an additional $300 billion in goods, combined with the fallout of previously implemented tariffs and retaliation, would lead to the loss of more than 2 million U.S. jobs, add more than $2,000 in costs for the average American family of four and cut the value of U.S. GDP by 1%, according to the letter, citing research by consulting firm Trade Partnership Worldwide.
Fashion labels Alexander Wang and Ralph Lauren; North Face and Timberland parent VF Corp.; teen retailer American Eagle; shoe retailer Foot Locker; pet-gear chain PetSmart; discounter Five Below; greeting card company Hallmark Cards; crafts retailer Michaels; and home-furnishings retailer Pier 1, are among other retailers that have also signed the letter. Foreign brands including IKEA North America Services and Puma North America also put their signatures in.
Americans should boycott these companies.
