Taiwan to seek exemption from USA steel tariffs
- Author: Megan Austin Mar 20, 2018,
Mar 20, 2018, 4:22
A group of 25 major US retail companies, including Walmart, Costco and Best Buy, on Monday urged the Donald Trump administration not to impose sweeping tariffs on Chinese imports.
The letter to Trump was signed by 24 companies, including Kohl's, and also included Wal-Mart Inc., Target Corp., J.C. Penney Co.
Trump's China-specific plan, totaling an estimated $60 billion annually, goes far beyond the $30 billion plan White House staffers presented to POTUS last week and would allegedly make good on his "America First" campaign promises.
"Adding even more tariffs on top of this heavy burden would mean higher costs for footwear consumers and fewer U.S.jobs", the letter stated. The administration is said to be considering wide-ranging tariffs on everything from consumer electronics to shoes and clothing made in China, according to people familiar with the matter.
The letter read "we urge the administration not to impose tariffs and to work with the business community to find an effective, but measured, solution to China's protectionist trade policies and practices that protects American jobs and competitiveness". Trump justified the tariffs by invoking Section 232 of a 1960s trade law, which allows the president to unilaterally impose sanctions if imports are found to be a threat to national security. "As you continue to investigate harmful technology and intellectual property practices, we ask that any remedy carefully consider the impact on consumer prices", the petitioners wrote.
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The letter says that the groups agree that the administration is right to consider acting against China to protect USA intellectual property.
"The imposition of sweeping tariffs would trigger a chain reaction of negative consequences for the United States economy, provoking retaliation", the letter said.
U.S. actors and groups may also submit objections to exclusion requests, and companies filing objections must demonstrate that they are able to produce a product similar to the excluded good in question.
"The administration is right to focus on the negative economic impact of China's industrial policies and unfair trade practices, but the U.S. Chamber would strongly disagree with a decision to impose sweeping tariffs", U.S. Chamber of Commerce chief executive officer Thomas Donohue said in a statement.
"I'm glad they think it's a big problem, because we've been saying this for years", Robert Atkinson, president of the ITIF, said of USTR's focus on China's alleged disregard for U.S. IP.