Apple CEO visits White House, meets Trump

Erika Holt
June 15, 2019

The coalition commissioned a report in February that showed the US tariffs and China's retaliation would lead to the loss of more than 2 million US jobs, increase costs for the average American family of four by nearly $2,300, and trim US GDP.

Even more worrying is the possibility that Mr Trump - energised by his "victory" in using trade policy in the immigration dispute with Mexico, would now be less inclined to conclude a trade deal with China and more inclined to carry out his threat of of 25 per cent tariffs on European and Japanese autos.

With less than three weeks to go before talks between Chinese and U.S. leaders, expectations for progress towards ending the trade war are low. The U.S. and China have had no trade talks since early May.

The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing.

According to the economic nationalists in the White House, this strategy would not only help Washington to extract economic concessions from its trade partners.

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Household vacuum cleaners which were produced in China are lined up for sale in a Target store on May 13, 2019 in Los Angeles, California.

"Trade overall has been good for Americans, good for consumers ... and I realize it gets criticized at times", Walmart Chief Executive Doug McMillon said last week.

The Trump administration increased additional tariffs on 200 billion USA dollars worth of Chinese imports from 10 percent to 25 percent in May, and has threatened to impose tariffs of 25 percent on essentially all remaining Chinese goods sold to the United States - valued at roughly 300 billion dollars - which are not yet subject to extra duties.

As for the overall US economy, the 127 CEOs who completed the survey projected a 2.6 percent growth of the gross domestic product in 2019, 0.1 percentage point higher than the estimate made in the previous quarter. "An escalated trade war is not in the country's best interest, and both sides will lose", the letter read. It's the latest effort by Tariffs Hurt the Heartland, a national campaign against levies, supported by more than 150 trade associations.

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