According to the latest news, a group of American retail giants such as Target, Walmart and Costco has requested the United States of America President Donald Trump to rethink imposing tariffs against China.
It is reported that the country is preparing to throw out annual Chinese imports tariff that worth up to $60bn.
The potential tariffs would be against consumer products, technology and telecommunication of China. Some tariff measures could be released as soon as Friday.
On Monday, USA retailers wrote to Donald Trump by urging him to carefully review the tariffs impact that would have no consumer prices & US families.
The letter was signed by 25 retail giants and organized by the Retail Industry Leaders Association (RILA).
USA retail giants asked President to reconsider Chinese tariff
The president of RILA, Sandy Kennedy said that, “This isn’t USA firms crying wolf. Higher tariffs lead to higher costs to businesses & automatically higher prices for the American families.”
She even added that, “We must do justice for USA families & also make sure that they aren’t the ones who will pay for harmful tech practices of China.”
Some US firms are upset about rules which need local partnerships or intellectual property disclosure in order to enter the market of China, which they told facilitates transfer of their ideas.
Any tariffs by the America would be in retaliation to what it captures as unfair practices of China and is allowed under section 301 trade act of the USA.
The tariffs could affect a total of almost 100 products like shoes and footwear. But it would be mainly be targeted at consumer electronics, IT, and other products which benefit from America’s intellectual property.