Walmart, Target and more than 600 other companies have urged US President Donald Trump to resolve the trade dispute with China, saying tariffs hurt American businesses and consumers, Reuters reports.
“We remain concerned about the escalation of tit-for-tat tariffs,” the firms were quoted as saying in a joint letter on Thursday.
“Broadly applied tariffs are not an effective tool to change China’s unfair trade practices. Tariffs are taxes paid directly by U.S. companies … not China,” they said.
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.
Walmart, the largest US private sector employer and the world’s largest retailer, has said tariffs will increase prices for American consumers.
“Trade overall has been good for Americans, good for consumers … and I realize it gets criticized at times,” Walmart Chief Executive Doug McMillon said last week.
He urged the Trump administration focus on how trade helps a broad number of people in the country and “not just those it harms.”
Additional 25 percent tariffs on US$300 billion in imports, on top of those already levied, would wipe out more than 2 million US jobs, the letter said, citing estimates from international consultancy the Trade Partnership.
They would also add more than US$2,000 in costs for the average American family of four and reduce the value of US gross domestic product by 1 percent, the letter warned.
“An escalated trade war is not in the country’s best interest, and both sides will lose,” the letter said.
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