The US Chamber of Commerce is calling on the Trump administration to end its trade war with China, warning tariffs could cost $1 trillion over the next 10 years.
As CBN News has reported, the president sees the tariff showdown as a win-win. "I'm different than a lot of people. I happen to think that tariffs, for our country, are very powerful," Trump said.
But the Chinese government is still playing hardball, striking back with their own tariffs, and its unclear when a trade deal might be on the horizon.
Now American businesses are speaking up against the Trump administration's trade war with China. The country's largest business group wants existing tariffs reversed and the proposed tariffs on $300 billion in Chinese goods called off.
More than 600 other companies and trade associations, including Walmart and Target, signed a letter addressed to the US
Trade Representative's office. Read the full letter urging President Trump to avoid a tariff upturn.
This week, @TariffsHurt together with 661 American companies & associations call on the administration to avoid #tariff escalation & reach a deal with China. Read our full letter here: https://t.co/3SVmf67Crt pic.twitter.com/MdiE6jNg9Q
— Tariffs Hurt the Heartland (@TariffsHurt) June 14, 2019
The Office of the US Trade Representative (USTR) will hold public hearings in Washington, DC this month concerning the proposed $300 billion tariff hike on Chinese products.
The business coalition called Tariffs Hurt the Heartland says there are better alternatives that wouldn't hurt the US economy. The group called on the Trump administration to return to the negotiating table and find a better solution with China.
According to Neil Bradley, executive vice president of the US Chamber of Commerce, "We're getting to that last raft of tariffs where we're talking about things that you and I buy and, buy in a store and that's going to be felt directly by consumers."
"There is much much less margin to absorb those, those increased tariff costs. And this is going to be a significant departure from what we've experienced over the last year or so with respect to how tariffs impact not just the economy but American families," he explained.
"What we're urging is rather than more tariffs and an escalation, both sides need to come back to the table. They need to get back to the point where we were roughly two months ago. They need to finish this deal. And if they finish this deal that'll be good for both near-term and long term economic growth, particularly here in the United States," Bradley added.
Americans may feel the brunt of the new tariffs with increased prices on items like TVs, cars, batteries, beauty products and coffee. Odds are that importers won't absorb the entire cost but push it onto consumers. Plus, there could be more retaliation from China – last time farmers took a big hit.