Businesses clamour for Trump's ear as US$300 bil in new China tariffs loom

June 17, 2019 12:43 PMWASHINGTON: Washington is planning another tidal wave of tariffs on Chinese imports that represent a worst-case scenario for markets and major industries on both sides of the Pacific.

But the lion’s share so far are pleading with his administration to spare the imports they depend on – if not to step back from the brink of an unprecedented all-out trade conflict that economists say would prove dire for global growth. But in a letter to Trump on Thursday, hundreds of US companies large and small, including retail giants Target and Walmart, warned Trump the new tariff round could cost two million jobs and cut US GDP growth by a full percentage point.

Trump has pinned hopes for resolving the impasse on a planned meeting with his Chinese counterpart Xi Jinping later this month at the Group of 20 Summit in Japan.Should Xi fail to attend, Trump told CNBC this week, he could impose the new tariffs “immediately” – although the period for public comment on the tariffs extends beyond the conclusion of the summit.

Oilfield services giant Halliburton warned of job cuts and decreased US oil-and-gas exploration if duties rise to 25% on barite, a key mineral used in drilling fluids for which China has the world’s largest reserves.

“I think the hope is that at the G20 meeting the two presidents can get together to start to get closer to where we were a few months ago where we really, really close to having a deal,” he said.

Source: Financial Digest (financialdigest.net)

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