The Home Furnishings Association has joined 660 other U.S. businesses and trade associations asking President Donald Trump not to impose new taxes on products imported from China.
“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 letter to the president, sent June 13, said. “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.”
“According to Trade Partnership Worldwide LLC, 25 percent tariffs on an additional $300 billion in imports (combined with the impact of already implemented tariffs and retaliation) would result in the loss of more than 2 million U.S. jobs, add more than $2,000 in costs for the average American family of four and reduce the value of U.S. GDP by 1.0 percent,” the letter said. “Furthermore, we have seen repeatedly that tariff increases and uncertainty around these trade negotiations have created turmoil in the markets, threatening our historic economic growth.
“Mr. President, we support your efforts to hold our trading partners accountable, level the playing field for American businesses, and forge enforceable trade agreements,” the letter said, adding the belief that those goals can be achieved without taxing Americans. “We urge your administration to get back to the negotiating table while working with our allies to develop global, enforceable solutions.
“An escalated trade war is not in the country’s best interest, and both sides will lose. 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.”