Trump Will Reportedly Impose $60 Billion In Tariffs On Chinese Imports

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The White House declined to comment Monday. The president has pointed to America's $375 billion trade deficit with China and accused the country of stealing intellectual property from American companies doing business there. But the White House confirmed to CNN last week that the administration is weighing tariffs on at least $30 billion worth of other imports from China.

Despite the good intentions, large USA retailers that have high-volume trade partnerships with Chinese suppliers and manufactures worry the plan will backfire at the cost of American consumers.

Worries about the potential for a US-China trade war and frustration over Trump's steel and aluminum tariffs are likely to dominate discussions during a gathering of G20 finance leaders in Buenos Aires this week.

The signers argue that benefits from the proposal will be wiped out by price surges on everyday consumer products, which eventually passes the burden to consumers.

Wall-Mart shares closed higher Friday, ahead of a letter sent by the Retail Industry Leaders Association (RILA) to the White House, highlighting the potential damage the tariffs usa president Trump is planning for China, could have on the United States economy.

According to data from the American Apparel & Footwear Association (AAFA), 41 percent of clothing, 72 percent of footwear and 84 percent of travel goods sold in the USA are made in China.

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"We urge the administration to take measured, commercially meaningful actions consistent with worldwide obligations that benefit USA exporters, importers, and investors, rather than penalize the American consumer and jeopardize recent gains in American competitiveness", the trade groups said in their letter. As you continue to investigate harmful technology and intellectual property practices, we ask that any remedy carefully consider the impact on consumer prices. Higher tariffs will mean higher costs to businesses and in turn higher prices for American families.

Individuals and organizations involved in business in the USA may submit an exclusion request, should they use materials subject to tariffs.

Rather, the U.S. "should work with like-minded partners to address common concerns with China's trade and investment policies".

Both the NRF and AAFA were signers on the Sunday petition.

"Domestic industry will be able to apply for exclusions through a fair and transparent process run through Commerce's Bureau of Industry and Security", said Commerce Secretary Wilbur Ross in a statement.

"If the administration's latest proposal goes into effect, Americans will see price increases on a wide range of basic products they purchase regularly at their local stores".

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