Trump defends his China strategy, Beijing says ‘not afraid’ of trade war

Mexican soldiers ride in the back of a pick up truck as they escort the caravan carrying Mexico's Minister of Defense in Tapachula Mexico Tuesday

Trump defends his China strategy, Beijing says ‘not afraid’ of trade war

"We know firsthand that the additional tariffs will have a significant, negative, and long-term impact on American businesses, farmers, families, and the United States economy", the companies said in the letter.

Even more worrying is the possibility that Mr Trump - energised by his "victory" in using trade policy in the immigration dispute with Mexico, would now be less inclined to conclude a trade deal with China and more inclined to carry out his threat of of 25 per cent tariffs on European and Japanese autos.

"We remain concerned about the escalation of tit-for-tat tariffs", the new letter sent on Thursday said.

Apple CEO Tim Cook reportedly visited the White House and met US President Donald Trump and his eldest daughter Ivanka Trump as part of his work with the White House workforce advisory board. "We are hopeful that as consumers express their concerns about the serious impact these tariffs will have on their family budget, the president will reach a resolution with China that eliminates tariffs and sets our economy back on a path for continued growth".

Noting that the latest survey came "during a turbulent few weeks for US trade relations with China and Mexico", Business Roundtable President and CEO Joshua Bolten said although USA companies are "ready and eager" to invest and hire domestically, "the uncertainty over trade policy is making it more hard for companies to invest and operate confidently".

Washington, Jun 14 (Prensa Latina) More than 600 U.S. companies have expressed their concern to President Donald Trump over the negative effects of the tariffs imposed on China and his plans to implement additional taxes. 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.

Walmart, the largest United States private sector employer and the world's largest retailer, has said tariffs will increase prices for American consumers.

"Trade overall has been good for Americans, good for consumers.and I realise it gets criticised at times,"Walmart chief executive Doug McMillon said last week".

As for the overall USA economy, the 127 CEOs who completed the survey projected a 2.6 percent growth of the gross domestic product in 2019, 0.1 percentage point higher than the estimate made in the previous quarter.

The companies and groups said in the letter that they support Mr Trump's efforts to hold trading partners accountable, but that both sides will lose in an escalated trade war.

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