United States begins tariff exemption process for certain goods

Mar 20, 2018, 04:25
United States begins tariff exemption process for certain goods

The tariffs would also ripple through the USA health care and education sectors, the trade groups said, because these industries rely on consumer electronics and imported goods and would face higher costs.

Leading US trade associations have written to President Donald Trump urging him to halt plans to slap tariffs on Chinese imports.

The trade groups represent companies such as Apple, Alphabet - the parent company of Google - Walmart and Nike.

More than 40 trade groups are petitioning the Trump administration to back away from tariffs on Chinese imports, saying the plan would "would trigger a chain reaction of negative consequences for the USA economy".

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According to The Washington Post, senior aides had presented Trump with a United States dollars 30 billion tariff package that would apply to a range of products. The administration is said to be considering targeting at least $30 billion of Chinese imports. "We can not allow this to happen as it has for many years!"

The organizations said in a letter sent to Trump on Sunday that potential tariffs on China would raise prices on consumer goods, kill jobs and drive down financial markets. Such measures could also hurt USA companies that sell components of products exported from China, as well as raising input costs for American manufacturers, the coalition said.

The order has also opened the door to the country's security and trade partners that want to get tariff waivers, as long as they can offer satisfactory alternatives during their talks with the U.S. Trade Representative office. "For example, families shopping in our stores pay higher prices because America already levies import taxes as much as 32 and 67 percent on basic clothes and shoes".

The 232 national-security investigation into steel and aluminum produced an "odd result" because China "isn't that upset" but some of America's closest military allies are, Fox said at an event hosted by the BritishAmerican Business group and Thomson Reuters in NY on Friday. Tariffs of 10 percent would reduce U.S, output by $163 billion over the next decade, while a 25 percent penalty would curb output by $332 billion over the same period, according to the foundation.

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"These persistent problems jeopardize USA global competitiveness, innovation, productivity, and cybersecurity", it said.

According to the order, Canada and Mexico have been temporarily exempted from the tariffs.

They urged the administration to work with them to find effective, alternative responses to Chinese trade practices.

It is interesting to note that China is also the largest foreign holder of the US government debt.

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