Donald Trump’s threat to slap heavy tariffs on China ‘could devastate US economy’
American Chamber of Commerce warns that US president’s plan could prompt destructive trade war that would have serious impact on businesses and families
US President Donald Trump’s plan to impose heavy tariffs on China will have a “devastating impact” on the US economy, the US Chamber of Commerce has warned.
The comments by the world’s largest business federation on Friday came in the wake of the White House’s threat to impose tariffs of US$30 billion or more on Chinese goods unless Beijing scraps a law forcing foreign businesses to transfer proprietary technology to their Chinese partners.
“The administration is right to focus on the negative economic impact of China’s industrial policies and unfair trade practices, but the US chamber would strongly disagree with a decision to impose sweeping tariffs,” chamber president Thomas Donohue said in a statement.
“As we’re starting to see, tariffs could lead to a destructive trade war with serious consequences for US economic growth and job creation.
“The livelihood of America’s consumers, businesses, farmers, and ranchers are at risk if the administration proceeds with this plan.”