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Walmart, Macy’s and Target Among 600 Companies Urging Trump to Abandon Tariffs

Walmart, Macy’s and Target Among 600 Companies Urging Trump to Abandon Tariffs

Over 600 American companies and business associations warned President Donald Trump that a trade war with China will hurt the United States, urging him to return to the negotiating table with its largest trading partner.

Companies across America are not taking the Trump Administration's tariffs on Chinese goods lying down. It's the latest effort by Tariffs Hurt the Heartland, a national campaign against levies, supported by more than 150 trade associations. -China trade tensions escalate and comes before a possible meeting between Trump and Chinese President Xi Jinping at the June 28-29 G20 summit in Osaka, Japan.

Additional 25 percent tariffs on US$300 billion in imports, on top of those already levied, would wipe out more than 2 million USA jobs, the letter said, citing estimates from global consultancy the Trade Partnership.

In response, China raised additional tariffs on a range of US imports on June 1.

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"Broadly applied tariffs are not an effective tool to change China's unfair trade practices", the letter reads.

They would also add more than $2,000 in costs for the average American family of four and reduce the value of U.S. Gross Domestic Product by 1%, it said.

Noting that the latest survey came "during a turbulent few weeks for US trade relations with China and Mexico", Business Roundtable President and CEO Joshua Bolten said although USA companies are "ready and eager" to invest and hire domestically, "the uncertainty over trade policy is making it more hard for companies to invest and operate confidently".

'An intensified commercial war is not the best for the country and both parties will lose, ' added the letter, which refuted Trump's statement that China pays the tariffs and that they are beneficial for the U.S., because the State's coffers receive more revenues. "We are counting on you to force a positive resolution that removes the current tariffs, fosters American competitiveness, grows our economy and protects our workers and customers".