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Top U.S. retail companies urge White House against more tariffs on China
More than 660 retail companies wrote to the White House on Thursday to urge against additional tariffs on China and to push for a resolution to the U.S.-China trade war.
The letter is in response to President Trump threatening to impose tariffs on $300 billion more in goods from China.
It was organized by Tariffs Hurt the Heartland, an advocacy campaign led by trade groups such as the National Retail Federation, National Restaurants Association and Natural Products Association.
"We agree that our trading partners must abide by global trade rules, and we support the administration's efforts to address unfair trading practices, including intellectual property violations, forced technology transfer and more," the letter reads.
It added, "We encourage the administration to negotiate a strong deal with China that addresses longstanding structural issues, improves U.S. global competitiveness and eliminates tariffs."
Target, Walmart, Costco, Five Below, Ikea, Gap, J. Crew, J.C. Penney, Macy's and Kohl's, signed the letter along with Eddie Bauer, Puma, Urban Outfitters, Burton Snowboards, Bauer Hockey and Foot Locker.
Dozens of trade associations, which represent companies both in the states and internationally, also signed the letter.
"We remain concerned about the escalation of tit-for-tat tariffs. We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy. Broadly applied tariffs are not an effective tool to change China's unfair trade practices," the letter reads.
It said that 25 percent tariffs on an additional $300 billion in imports, added with the already implemented tariffs, would lead to more than 2 million jobs lost and reduce the value of the GDP by 1 percent.
U.S. consumers would also pay $4.4 billion more each year for apparel, $2.5 billion more for footwear, $3.7 billion more for toys and $1.6 billion more for household appliances, according to a report commissioned by the National Retail Federation.