WASHINGTON - A wide range of U.S. companies told a hearing in Washington on Monday that they have few alternatives other than China for producing clothing, electronics and other consumer goods as the Trump administration prepares new tariffs on remaining U.S.-China trade.
Sourcing from other countries will raise costs, in many cases more than the 25% tariffs, some witnesses told a panel of officials from the U.S. Trade Representative’s office, the Commerce Department, State Department and other federal agencies. “That 25% is just going to whack us on the head,” said Rick Helfenbein, president of the American Apparel and Footwear Association. “If we could move more product out of China we would, but we haven’t been able to.”
Marc Schneider, chief executive of fashion footwear and apparel marketer Kenneth Cole Productions, said 25 percent tariffs would wipe out the company’s profits and cost jobs. Since then, Trump raised tariffs to 25% on $200 billion of Chinese goods. The $300 billion list of products being reviewed in the hearing would bring punitive tariffs to nearly all remaining Chinese exports to the United States.
Companies including retailer Best Buy, vacuum cleaner maker iRobot and TV streaming device maker Roku Inc all argued against the tariffs on consumer tech goods, saying they would reduce demand for electronics and ultimately threaten U.S. technology leadership.Not all of the witnesses on the first day of the hearing were opposed to the tariffs.
Wake up Americans! China’s economy is only 65% that of America’s but American companies are already held hostage by Chinese suppliers. What’s gonna happen in 10 or 20 yrs? I bet China will have a big indirect say in who will be the POTUS. If you’re pissed at Russian meddling...
So will raising corporate tax rates as every democrat insists on but they do claim only tariffs are passed along to consumers.
Not just gonna raised cost & prices...They have already raised costs & prices!
Good. China owns us and this will send factories to other countries that treat us better.
So what, China will not be getting any money from USA. $0.00 to China. 700club cbngordon randpaul realDonaldTrump kennedynation foxnews sandrasmithfox marklevinshow rushlimbaugh danarohrabacher jaysekulow judgenap tedcruz dbongino
Viet Nam can build the same crap
Ugh more problems for us great.
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Source: Reuters - 🏆 2. / 97 Read more »