Large U.S. retailers urge Trump not to hit China with tariffs

Source: Reuters




BUSINESS NEWS MARCH 19, 2018 / 8:18 AM / UPDATED 7 MINUTES AGO

Ginger Gibson

WASHINGTON (Reuters) - Several large U.S. retail companies, including Wal-Mart Inc, Target Corp, Best Buy Co Inc and Macy’s Inc, on Monday sent President Donald Trump a letter urging him not to impose massive tariffs on goods imported from China.

The Trump administration is said to be preparing tariffs against Chinese information technology, telecommunications and consumer products in an attempt to force changes in Beijing’s intellectual property and investment practices. Washington could impose more than $60 billion in tariffs on goods ranging from electronics to apparel, footwear and toys.

“At the same time, we are concerned about the negative impact as you consider remedial actions under Section 301 of the Trade Act could have on America’s working families,” the letter stated. “Applying any additional broad-based tariff as part of a Section 301 action would worsen this inequity and punish American working families with higher prices on household basics like clothing, shoes, electronics, and home goods.”

The Section 301 would allow Trump to impose unilateral tariffs on China in response to a conclusion by the U.S. government that the Chinese had violated intellectual property rules. The tariffs would not need approval from Congress.




Read more: https://www.reuters.com/article/us-usa-trade-retail/large-u-s-retailers-urge-trump-not-to-hit-china-with-tariffs-idUSKBN1GV1F4?il=0