The US recognizes tariffs from the United States and China’s response is causing both American businesses and consumers to suffer.
The US Chamber of Commerce has released a statement that American businesses and consumers have suffered the consequences of the US-China trade war.
|The US counts the damage from tariffs and responds to US-China tariffs.|
“By now, it’s easy to see that tariffs are hurting the US economy and will continue to do so unless the government changes,” the statement said.
According to the report, not only does the US tax on Chinese goods cause damage, but the burden is also on American businesses when half of the 50 US states are facing retaliatory taxes on at least 25% of goods. Their exports to the European Union and China.
“Tariffs on steel and aluminum imports from China, as well as the potential for additional tariffs on cars and auto parts, have pushed us into a global trade war. China and the EU retaliated – or announced retaliation – with billions of dollars in tariffs on US-manufactured products, “the statement said.
Not only that, recent trade actions from the Trump administration have threatened to 2.6 million US jobs and will hinder the economic progress of the American Chamber of Commerce.
The announcement urged the Donald Trump administration to take a specific direction and change because millions of US jobs depend on the ability of the US to trade with other countries. While half of US manufacturing jobs are also dependent on exports, a third of the US farmland is cultivated for export abroad.
Tariffs on imported goods that have hit US consumers and businesses include manufacturers, farmers, ranchers and technology companies at a higher cost for products and materials. often used.
Last week, US President Donald Trump said the first phase of the U.S.-China trade agreement is underway by the White House. The agreement will be signed on January 15. Mr. Trump will travel to China to discuss the next phase.
Investors are still waiting for real results from the trade agreement at different stages, especially China’s actions in fulfilling its commitments, including expanding the economy for investors. foreign investment, easing rules on technology transfer as well as the number of US agricultural products that Beijing will buy this year.
Recently, Beijing has expanded its financial markets to foreign businesses. This is considered a gesture to show goodwill to the requirements of the US but observers said that this capital is necessary development of this country and not by the pressure of any other countries.