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.
But it is significant as U.S. Walmart has said it will raise prices as a result of the Trump administration's tariffs on Chinese-made goods as the trade war is about to take a bite into the retail sector affecting consumers shopping at stores like Walmart, Target and Macy's.
"We remain concerned about the escalation of tit-for-tat tariffs", the new letter sent on Thursday said.
Trump is using tariffs to push Xi to change a host of Chinese trade practices, but negotiations have flagged. Trump has said he'll announce a decision following the G20 summit in Osaka, Japan at the end of June, where he hopes to meet with Chinese President Xi Jinping.
Emerson unsure if Sarri will join Juventus
He knows the club, he knows the politics inside the club and he knows you need to have a different way of playing". Frank Lampard has held talks with Chelsea about returning to the club as manager, the Daily Mirror reports .
Businesses state that higher tariffs are passed onto the American consumers, while a healthy trade relationship helps a broad number of people in both countries.
Additional 25% tariffs on $300 billion in imports, on top of those already levied, would wipe out more than 2 million U.S.jobs, the letter said, citing estimates from global consultancy the Trade Partnership. Trump has also threatened to apply the same tariff on an additional $300 billion in goods in categories of more everyday items, like toys, clothing, shoes, and TV sets.
Starting Monday, the U.S. Trade Representative's office is scheduled to hold public hearings on the proposed tariffs.
The coalition commissioned a report in February that showed the US tariffs and China's retaliation would lead to the loss of more than 2 million US jobs, increase costs for the average American family of four by nearly $2,300, and trim US GDP. "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".