United States trade groups urge Trump to stop planned China tariffs

United States trade groups urge Trump to stop planned China tariffs

The letter marks the latest in a growing rift between Trump and the business community on trade policies, as the president has begun to take more aggressive steps he says are needed to protect domestic industry. Trump said the Chinese government had forced U.S. companies to transfer their intellectual property to China as a cost of doing business there. The practice, according to the White House's estimate, is costing USA companies $30 billion a year in intellectual property loss.

Despite the good intentions, large US retailers that have high-volume trade partnerships with Chinese suppliers and manufactures worry the plan will backfire at the cost of American consumers.

One source says that the China tariffs may be subject to a public comment period, which would delay their effective date and allow industry groups and companies to lodge objections.

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"Investigating technology and intellectual property policies and practices is critically important to our innovative economy".

Several large retail companies, including Wal-Mart, Target, Best Buy and Macy´s, are making a direct appeal to President Donald Trump not to impose massive tariffs on goods imported from China, in a letter sent to the White House on Monday.

According to data from the American Apparel & Footwear Association (AAFA), 41 percent of clothing, 72 percent of footwear and 84 percent of travel goods sold in the US are made in China. "Were this investigation to result in a broadly applied tariff remedy on imports from China, it would hurt American households with higher prices and exacerbate a USA tariff system that is already stacked against working families", the letter goes on.

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This morning in metals news, the U.S. Department of Commerce announced its tariff exclusion process for steel and aluminum, world leaders announce the intention to work together on steel overcapacity, and bank accounts have been seized in connection to a corruption probe involving Rio Tinto's Mongolia mine.

The Trump administration is said to be preparing tariffs against Chinese information technology, telecoms and consumer products in an attempt to force changes in Beijing's intellectual property and investment practices. Higher tariffs will mean higher costs to businesses and in turn higher prices for American families.

Both the NRF and AAFA were signers on the Sunday petition. "This is not American industries crying wolf", she said in a statement.

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Such measures could also hurt USA companies that sell components of products exported from China, as well as raising input costs for American manufacturers, the coalition said.

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