Yahoo Finance US firms to Trump: Don't raise tariffs on more Chinese goods
US businesses plead with Trump administration: Don't raise tariffs on more Chinese goods
In this Monday, Aug. 13, 2018, photo, a man stands near a poster depicting a mural of U.S. President Donald Trump stating that all American costumers will be charged 25 percent more than others starting from the day president Trump started the trade war against China, on display outside a restaurant in Guangzhou in south China's Guangdong province. The recent trade war between the world's two biggest economies has forced many multinational companies to reschedule purchases and rethink where they buy materials and parts to try to dodge or blunt the effects of tit-for-tat tariffs between Washington and Beijing. (Color China Photo via AP)
WASHINGTON (AP) -- Fishermen off the Alaskan coast. A Florida maker of boat trailers. A building materials distributor in Tennessee.
Those and hundreds of other American businesses are delivering the same plea to President Donald Trump as he considers imposing tariffs on nearly 40 percent of imported Chinese goods:
Don't do it.
The Trump administration will hold six days of hearings starting Monday in Washington on the next barrage in an escalating trade war between the world's two largest economies: Trump's proposed tariffs of 10 percent to 25 percent on $200 billion in Chinese goods that could kick in as early as next month.
Once in effect, the tariffs would immediately inflate the prices that American companies would have to pay for Chinese components they need to build their products.
