A coalition of 661 US companies and associations have united to urge the Trump administration to avoid tariff escalation and reach a resolution with China.
Retailers Gap Inc, J Crew, JC Penney, and Levi Strauss were among the signatories of a letter addressed to the US President from Tariffs Hurt the Heartland, the national campaign against tariffs supported by more than 150 trade associations representing retail, tech, manufacturing and agriculture.
The letter comes as the Office of the US Trade Representative (USTR) is set to begin hearings considering 25% tariffs on US$300bn in goods. 520 companies signed the letter and 141 trade associations at the national and state level.
It states the tariffs would result in the loss of more than two million US jobs, add more than $2,000 in costs for the average American family of four and reduce the value of US GDP by 1%. The full list of signatories can be found here.
“We remain concerned about the escalation of tit-for-tat tariffs,” the letter states. “We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the US economy. Broadly applied tariffs are not an effective tool to change China’s unfair trade practices. Tariffs are taxes paid directly by US companies, including those listed below – not China.”
It added: “We urge your administration to get back to the negotiating table while working with our allies to develop global, enforceable solutions. An escalated trade war is not in the country’s best interest, and both sides will lose.”
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By GlobalDataLast week, G-III Apparel Group and Crocs, both said they were reviewing their China sourcing strategy in a bid to reduce the impact of the ongoing trade war on their businesses.
