More than 600 companies, including Walmart Inc, Target Corp, urged U.S. President Donald Trump to resolve the trade dispute with China that totally affects American businesses and consumers. More than 150 trade groups representing agriculture, manufacturing, retail and tech industries support the national campaign against tariffs.
The American international consultancy the Trade Partnership reported that additional 25% tariffs on $300 billion in imports, on top of those already levied, would wipe out more than 2 million U.S. jobs. They would also add more than $2,000 in costs for the average American family of four and reduce the value of U.S. Gross Domestic Product (GDP) by 1%.
It is significant that U.S and China come before a possible meeting between Trump and Chinese President Xi Jinping at the June 28-29 G20 summit in Osaka, Japan. Trump and Xi will meet on the sidelines of the summit and decide whether to extend tariffs to almost all Chinese imports after that.