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Tags: businesses | unite | trump | tariffs | trade war

Business Groups Unite to Fight Trump's Tariffs

Business Groups Unite to Fight Trump's Tariffs
(Getty Images)

By    |   Wednesday, 21 March 2018 10:31 AM EDT

Powerful business groups have joined together to pressure President Donald Trump to stop implementing tariffs that they fear will harm the American economy and spark a global trade war, The Hill reported on Wednesday.

Business leaders are concerned not only about the president's tariffs of 25 percent on steel imports and 10 percent on aluminum imports, but also his expected announcement this week that he will implement $60 billion in tariffs on imports from China to punish Beijing for lax intellectual property protection practices.

The urging to reconsider the policy of tariffs is coming from across the business world, as those from the agriculture, retail and auto industry all sent out letters against the trade moves and warning against future such measures.

One such letter from retailers to the White House said that American consumers will pay more for the goods they sell if the sanctions against China are implemented, RetailDive reported.

Among the retailers signing the letter were Abercrombie & Fitch, American Eagle Outfitters, Costco, Gap Inc., J.C. Penney, Ikea North America, Macy's, Sears Holdings, Target and Walmart.

National Retail Federation Senior Vice President for Government Relations David French said that more than 600 groups are pooling their resources to, at the very least, encourage the administration to streamline the tariffs, saying "we're hoping that the next round of trade remedies that are considered are done more surgically and carefully," according to The Hill.

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Politics
Powerful business groups have joined together to pressure President Donald Trump to stop implementing tariffs that they fear will harm the American economy and spark a global trade war.
businesses, unite, trump, tariffs, trade war
235
2018-31-21
Wednesday, 21 March 2018 10:31 AM
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