US retailers, shoe companies urge Trump not to hit…
- Author: Ryan Wade Mar 20, 2018,
Mar 20, 2018, 4:23
U.K. Trade Secretary Liam Fox said he urged US officials to reconsider imposing steel and aluminum tariffs on the European Union this week, suggesting the move has upset America's allies more than the main culprit for overcapacity, China.
As part of a retaliation strategy to stop this unfair trade policy, the Trump administration last week proposed to increase tariffs on China imports to protect USA firms, particularly those with strong business ties in China.
The trade groups represent companies such as Apple, Alphabet - the parent company of Google - Walmart and Nike.
The delegation, comprising economic and trade officials, will seek negotiations with US foreign trade agencies during its one-week visit on tariffs to be implemented on steel and aluminum imports into the USA, in a bid to protect the interests of Taiwanese exporters, Minister of Economic Affairs Shen Jong-chin (沈榮津) said that day.
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After placing tariffs on imported steel and aluminum, Mr. Trump is reportedly considering tariffs on up to $60 billion of Chinese goods, covering electronics, apparel and footwear and some transportation equipment.
"In the USA, those who can afford less pay more because the US levies the highest tariffs on basic consumer goods", the letter states. "Given the price sensitivity of our products, any additional increases in our costs would strike right at the heart of our ability to keep product competitively priced for our consumers".
Larry Kudlow, the president's new National Economic Council director, has openly stated his opposition to the prior set of tariffs yet has urged Trump to take a "tough" economic stance on China. The tariffs would not need approval from Congress.
Rather, the U.S. "should work with like-minded partners to address common concerns with China's trade and investment policies".
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The order has also opened the door to the country's security and trade partners that want to get tariff waivers, as long as they can offer satisfactory alternatives during their talks with the U.S. Trade Representative office.
Added Sandy Kennedy, president of Arlington, Va. -based RILA: "This is not American industries crying wolf".
They urged the administration to work with them to find effective, alternative responses to Chinese trade practices.
A source who had direct knowledge of the administration's thinking told Reuters last week that the tariffs, authorized under the 1974 US Trade Act, would be chiefly targeted at information technology, consumer electronics and telecoms and other products benefiting from US intellectual property.
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