Top Movers

US Chamber of Commerce pushes for end to trade war

By Alexander Bueso

Date: Monday 17 Jun 2019

US Chamber of Commerce pushes for end to trade war

(Sharecast News) - The US Chamber of Commerce called on the Trump administration to stop its trade war against China, pointing to an estimated $1trn in costs over the next decade as its main argument.
In a submission to the Office of the US Trade Representative, the business lobby group said it shared the White House's concerns around Chinese intellectual property violations, forced technology transfers and state interventions.

But it said unilateral tariffs were counterproductive, calling them "hidden, regressive taxes that are being paid by US businesses and consumers."

"Unilateral tariff strategies have no record of historical success and have always led to unintended consequences," it added.

Hence, the US Chamber of Commerce called for all the tariffs placed on Chinese exports over the preceding two years to be reversed, warning that slapping tariffs on a further $300bn-worth of Chinese exports would "dramatically expand the harm already done" to US consumers, workers and companies.

Instead, the Trump administration should restart talks with Beijing and coordinate with allies "with the aim of striking a high-standard, comprehensive, enforceable agreement that puts an end to tariffs already in place and forestalls further disruptions to the livelihood of all Americans."

The US Trade Representative's office was set to start seven days of hearings on the most recently proposed tariffs on Monday, with the Trade Representative Robert Lighthizer set to testify before Congress the next day.

Special promo:
Trading the Forex Market? Visit to get advanced infomation about currencies and the Foreign Exchange Market.


Email this article to a friend

or share it with one of these popular networks:

Top of Page