US companies against Trump. Most of the US companies are against Trump administration for prolonging the friction on trade between the world’s two largest economies, US and China.
Washington’s most powerful business group is urging the Trump administration to end its trade war with China, saying that its tariffs risk costing the US economy $1tn over the next decade.
The tariff hearings are underway amid a severe deterioration of U.S.-China relations since Trump accused Beijing in early May of reneging on commitments that had brought the world’s top two economies close to a deal to end their nearly year-long trade war.
Since then, Trump raised tariffs to 25 percent on $200 billion of Chinese goods. The $300 billion list of products being reviewed in the hearing would bring punitive tariffs to nearly all remaining Chinese exports to the United States.
Trump’s proposed levies won’t “just translate into higher costs, but jeopardise our ability to maintain production levels and continue investing in our domestic factories”, New Balance vice-president Monica Gorman said in comments posted online.
Most of the US companies argue that Trump should not tax their products. Economists say it is US importers that pay them and some of that gets passed to consumers in higher prices.
“Due to (the) impact from the continued increase of China-U.S. economic trade frictions and other uncertainties, recruitment demand for university graduates is tightening in internet, finance and other industries,” according to a statement to CNBC from a spokesperson for the National Development and Reform Commission (NDRC).
“Some companies have postponed their campus recruiting (efforts), among which some companies may have reduced or suspended recruitment,” said the Chinese-language statement, according to CNBC’s translation.
According to abc news, American businesses, trade groups and individuals are pleading with the administration to drop its threat to tax the remaining Chinese imports that Trump hasn’t already hit with tariffs — or at least spare the particular imports that they and their customers rely on. Some are appearing in person to air their grievances in seven days of hearings in Washington that began Monday.
The proposed list, which will be ready for a decision by Trump as early as July 2, includes nearly all consumer products, and could hit Christmas sales hard, particularly cell phones, computers, toys and electronic gadgets.
U.S. President Donald Trump said on Tuesday he had spoken to Chinese President Xi Jinping and that the two leaders’ teams would restart trade talks after a long lull in order to prepare for a meeting at the G20 summit later this month.