Around 600 american companies urged Trump to resolve trade dispute with China
- 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 supports 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 comes 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.
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