Technology products account for more than half the value of the $300 billion, which will raise prices for consumers and could prove “catastrophic” -- especially for small- and medium-size firms, the Consumer Technology Association said.
Christmas Grinch
Almost a quarter of the more than 3,800 targeted tariff lines involve goods such as textiles, apparel and footwear, according to the American Apparel & Footwear Association. That’s attracted objections from companies including Ralph Lauren Corp., Columbia Sportswear Co. and Designer Brands Inc.
The proposed duties have also drawn opposition from companies that sell products including eyeglasses, fireworks, books, art, vinyl gloves, skis, fishing equipment, seafood, baby cribs and toys.
“Look out, American toy shoppers here comes the Grinch That Tariffed Christmas!” Wendy Lazar, the founder of I Heart Guts plush toy company in California, posted online.
The tariffs could be imposed after a seven-day rebuttal period following the last day of the hearings.
Trump is still waiting for a response from Chinese President Xi Jinping about meeting to restart trade talks, economic adviser Larry Kudlow said last week, while warning that Beijing may face consequences it if refuses. Trump has repeatedly threatened to raise tariffs if Xi doesn’t meet with him at the G-20 leaders’ meeting from June 28-29 in Osaka, Japan.
Commerce Secretary Wilbur Ross downplayed the prospect of a major trade deal emerging from a possible meeting between the two presidents, telling the Wall Street Journal in an interview Sunday that the most he thinks will happen is an agreement to resume talks.
Walmart Inc., Target Corp., Macy’s Inc. were among about 660 companies and associations that made a plea last week to Trump not to impose additional tariffs on Chinese goods, and to return to the negotiating table to strike a trade deal with Beijing.
--With assistance from Ben Holland.
This article was provided by Bloomberg News.