Washington DC – More than 160 trade groups have written to US President Donald Trump expressing concerns about his trade war with China. They want him to postpone tariff increases on Chinese imports that are scheduled for the rest of this year.
US Industry to Trump: Postpone remaining 2019 Chinese tariffs
Trump plans to impose additional 5% tariffs on $300 bn-worth of Chinese imports between September and December. This is an increase from the 10% tariffs that were set to be imposed. In some sectors, such as mattresses, the tariff rates are much higher
The American Chemistry Council has also expressed disquiet about the escalating trade tensions between the two countries.
‘ACC and our members continue to believe that negotiation is more effective than intimidation and retaliation,’ it said in a statement. ‘If this tariff dispute becomes a war of attrition, it has the potential to last for years, only doing more harm than good – to both sides.’
ACC added that US chemicals manufacturers deeply value the trade relationship with China, and believe it to be ‘critical’ to the industry’s expansion, and the wider domestic manufacturing sector.
‘While we continue to support President Trump in his mission to hold China to account for its unfair practices, ACC and our members cannot support the means: harmful tariffs on our products and our customers’ products, ultimately paid for by consumers,’ the statement said. ‘Chemicals manufacturers urge the US and China to return to the negotiating table and rescind these destructive tariffs.’