A letter from over 600 US companies businesses in support of President Trump’s tariffs on approximately $300 billion of Chinese imports was scheduled to be submitted on Friday before the Office of the United States Trade Representative (USTR), according to the Daily Caller, which reviewed the document.
It is the intention of Coalition for a Prosperous America (CPA), Chief Economist, Jeff Ferry to present the letter Friday morning during his testimony to the USTR. This letter pushes back on the letter last week that asks Trump to stop the tariffs on China. Those signers were mostly big-box retailers who manufacture their products in China.
This all comes as President Donald Trump said that he is considering slapping China with more tariffs if Chinese President Xi Jinping does not meet with him during the G-20 summit in late June. Since, the warning, the two have agreed to meet. However, Trump said if Xi does not attend the event, he will immediately impose new tariffs on $300 billion in Chinese imports, including a number of consumer products. –Daily Caller
In May, Trump raised tariffs on around $200 billion of Chinese goods from 10% to 25%. Three days later, China slapped around $60 billion in US goods with reciprocal tariffs.
“The global integration project with China, through liberalized trade, has failed. The Communist Party of China has used its access to U.S. consumer and capital markets for a predatory economic strategy to grow its state-owned enterprises, finance its military build up, imprison its citizens in modern day concentration camps and challenge America’s geopolitical power,” according to Coalition for a Prosperous America CEO Michael Stumo.
“Our American companies and workers have been weakened by this failed experiment. We want it to stop,” he added.
The Automotive Parts Remanufacturing Association (APRA) president, Joe Kripli. said, “for years now the Chinese ‘knock-off’ of starters and alternators that have been entering the country at ridiculously low cost and have been hurting the small [U.S.] remanufacturer that is located in every state and has been in our communities since WWII. –Daily Caller
“Fitzgerald USA is one of the few Made in America truck conglomerates. We recently started a U.S. truck parts business as the trucking industry increasingly moves its operations to China. America needs a strong manufacturing economy for jobs and national security. We support President Trump and his use of tariffs on China,” said Fitzgerald USA Director of Government Relations, Jon Toomey.
Guess who didn’t sign the letter? Apple – which is desperately trying to lobby the Trump administration to ease the tariffs – arguing this week in front of the USTR that “U.S. tariffs on Apple’s products would result in a reduction of Apple’s U.S. economic contribution,” and “weigh on Apple’s global competitiveness.”
via ZeroHedge News http://bit.ly/2ZEEV1u Tyler Durden