Washington’s most powerful business group is urging the Trump administration to end its trade war with China, saying that its tariffs risk costing the US economy $1tn over the next decade.
In a strongly worded submission to the Office of the US Trade Representative, the US Chamber of Commerce calls for a reversal of tariffs imposed over the past two years and says proposed tariffs on a further $300bn of Chinese imports would “dramatically expand the harm already done” to US consumers, workers and companies.
President Donald Trump’s trade strategy has forced many companies to raise prices and reroute their supply chains, fraying relations with a business community that had welcomed his agenda of corporate tax cuts and deregulation. Last week 600 companies, including the retailers Walmart, Target and J Crew, put their names to a letter warning that the proposed tariffs could lead to 2m job losses and cost the average American family $2,000.