The correspondence, organized by the business coalition Tariffs Hurt the Heartland, expressed support for the administration’s efforts to address intellectual property violations, forced tech transfers and unfair trading practices, but warned of potential serious economic consequences to American businesses and consumers if the tariffs increased or remained in place.
“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,” the companies said to President Trump. “Broadly applied tariffs are not an effective tool to change China’s unfair trade practices. Tariffs are taxes paid directly by U.S. companies, including those listed below— not China.”
Citing a study from Trade Partnership Worldwide LLC, Tariffs Hurt the Heartland stated an estimated adding 25 percent tariffs on an additional $300 billion in imports on top of the currently implemented tariffs and retaliation would result in the loss of more than 2 million U.S. jobs, adding more than $2,000 in annual costs for an average American family of four.
“We are counting on you to force a positive resolution that removes the current tariffs, fosters American competitiveness, grows our economy and protects our workers and customers,” the letter concluded.
Walmart, Target, Rawlings Sporting Goods, and Footlocker are among the companies on the list of supporters.
See also: Trump Pulls Plug on Mexico Tariffs