President Trump Talks Trade and Other Issues with Apple CEO Tim Cook
President Trump Talks Trade and Other Issues with Apple CEO Tim Cook
Trump defends his China strategy, Beijing says ‘not afraid’ of trade war
14 June, 2019, 19:55
WASHINGTON - The economic burden of a trade war between the world's two largest economies will shift to China, rather than the United States, President Donald Trump's top economic advisor said on Thursday. "We know firsthand that the additional tariffs will have a significant, negative, and long-term impact on American businesses, farmers, families, and the USA economy", says the letter, which was signed by more than 600 companies and trade associations and endorsed by the tech, manufacturing, and agricultural industries.
Meanwhile, the ongoing US-China trade war also continues to weigh on the dollar.
Walmart, the largest USA private sector employer and the world's largest retailer, has said tariffs will increase prices for American consumers. After talks on a trade deal with China faltered last month, he ordered a tariff increase to 25 per cent from 10 per cent on $200bn of goods and targeted an additional $300bn in products for duties - including consumer items from clothing to toys to mobile phones that the administration tried to spare in previous rounds.
This letter is the latest of many sent to the Trump administration by Tariffs Hurt the Heartland, the national campaign against tariffs supported by more than 150 trade groups representing agriculture, manufacturing, retail and tech industries, Reuters noted.
In response, China raised additional tariffs on a range of US imports on June 1.
"Broadly applied tariffs are not an effective tool to change China's unfair trade practices", the letter reads.
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Puma North America, fashion designer Alexander Wang, department store chain Kohl's and athletic shoe retailer Foot Locker were also among the companies signing on behalf of their employees.
"We remain concerned about the escalation of tit-for-tat tariffs", the new letter sent on Thursday said.
As costs grow within the supply chain, leaders of many companies have indicated that they may be left with no choice but to raise prices for American consumers.
But it is significant as U.S. "An escalated trade war is not in the country's best interest, and both sides will lose", they said.
America's retailers, manufacturers, tech companies and industry associations joined together to warn that tariffs on China will damage the USA economy. "We believe this goal can be achieved without taxing Americans".
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She was thanked by the president on arrival and sat front row for the event alongside Ivanka Trump and her husband Jared Kushner . When taking to the stage, Kim said that it was an honour for her to be there.
This comes as a cabinet note was leaked saying that the United Kingdom is not ready for a no-deal Brexit on October 31st. British Labour Party leader Jeremy Corbyn speaks outside European Union headquarters in Brussels, March 21, 2019.
Ars Technica also flagged a piece in the Chinese state-run Global Times newspaper, which disputed the news of the MateBook delay. Richard Yu, the consumer division CEO, confirmed to CNBC that the laptop would not be released, calling it "unfortunate".
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