US Businesses Urge Trump to Negotiate With China, Warn of $1Trillion Loss

Jeannie Matthews
June 19, 2019

His boss, President Donald Trump, cheered markets earlier Tuesday by saying he spoke with Chinese counterpart Xi Jinping and they'll have an "extended meeting" later this month, boosting hopes for a breakthrough in stalled negotiations.

Markets surged this early Tuesday morning when President Trump sent out a tweet that read: "Had a very good telephone conversation with President Xi of China".

The two presidents look forward to meeting again in Osaka, Japan at the G20 Summit. He added, members of both respective teams will also hold talks prior to the meeting.

How hard could these new tariffs hit? Point number two: "China is in fact-in economic terms-China is going to wind up paying for a good chunk of these tariffs whether production moves to the US or whether Chinese companies have to slash prices and hurt their own products and bottom line", he said.

On the first day of a hearing by the Office of the U.S. Trade Representative on the envisaged tariffs, Brent Cleaveland, executive director of Fashion Jewelry & Accessories Trade Association, said importing fashion items "will not threaten national security" but that the levies would hurt consumers and working families.

In his testimony, Marc Schneider of USA fashion house Kenneth Cole Productions Inc. said that the proposed tariffs on footwear products won't help address the administration's concern, adding that the manufacturing process of those products involves few, if any, trade secrets, technologies or intellectual property that are forcibly shared.

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"The key is to take care of each other's legitimate concerns".

"I do not agree that tariffs should be the tool we use in every instance to achieve our trade policy goals", he said.

"I think we have a chance". So we'll see. China would like to make a deal. "There's this big thing about tariffs, 'Oh, our people pay.' It's a lot of nonsense". The conflict is expected to be the prime topic during a Trump-Xi meeting on the sidelines of the G20.

Meanwhile, stock prices rose on Wall Street after Trump tweeted about his conversation. We want structural changes on all the items. theft of IP, forced transfers of technology, cyber hacking.

Stackpole, whose organization represents companies that altogether supply 90 percent of all plumbing products to American households, stressed that plumbing products are not sophisticated products, adding that additional tariffs would erode USA brands' global competitiveness.

U.S. Trade Representative Robert Lighthizer said he's committed to working with Democrats on the new North American trade agreement, and predicted that the resulting deal will get broad approval in Congress.

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