Editorials National News President Donald Trump imposes tariffs despite opposition from some business sectors
President Donald Trump imposes tariffs despite opposition from some business sectors
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Washington sources added that forty-five US trade associations representing some of the largest companies in the country are urging President Donald Trump not to impose tariffs on China, warning it would be "particularly harmful" to the US economy and consumers. Meanwhile the organizations said in a letter sent to Trump that potential tariffs on China would raise prices on consumer goods, kill jobs and drive down financial markets.
Meanwhile the letter marks the latest in a growing rift between Trump and the business community on trade policies, as the president has begun to take more aggressive steps he says is needed to protect domestic industry. Further Trade associations publicly pushing back include the US Chamber of Commerce, the National Retail Federation and the Information Technology Industry Council.
Moreover the Trump administration is said to be preparing tariffs against Chinese information technology, telecoms and consumer products in an attempt to force changes in Beijing's intellectual property and investment practices. Furthermore the groups also called on Trump to allow industry experts to comment on the economic impact of any changes in trade policy before the measures take effect.