Wall-Mart shares closed higher Friday, ahead of a letter sent by the Retail Industry Leaders Association (RILA) to the White House, highlighting the potential damage the tariffs usa president Trump is planning for China, could have on the United States economy. The move would be retaliation for alleged intellectual property theft, such as the sale of counterfeit goods and pirated software, as well as stolen corporate secrets.
A letter signed Monday by 49 of the nation's largest retailers, including Walmart, Target and Costco, argues the tariffs would hurt working families who shop in their stores.
The Trump administration is said to be preparing tariffs against Chinese IT, telecoms and consumer products in an attempt to force changes in Beijing's intellectual property and investment practices.
The US Commerce Department said it will begin accepting requests on Monday for product exclusions from President Donald Trump's new steel and aluminum import tariffs, but it could take up to 90 days for the agency to make determinations. "We must do right by American families while also addressing harmful technology practices", said the letter.More news: RJD sweeps two seats in Bihar bypoll, BJP gets one
US companies from Walmart Inc. to Amazon.com Inc. are warning President Donald Trump that any sweeping trade action against China could raise consumer prices, increase costs for businesses and hurt stock prices. "We agree it's time to address China's unfair trade practices, but we can do so in a way that doesn't destroy jobs, create uncertainty for businesses and increase every American's cost of living", Matthew Shay, president and CEO of the National Retail Federation (NRF), said in a statement.
"These persistent problems jeopardize US global competitiveness, innovation, productivity, and cybersecurity", it said.
Officials will consider whether the requested exemptions are for goods manufactured in the United States in sufficient quantity and quality before deciding on any tariff exemption, the department said.
Worries about the potential for a US-China trade war and frustration over Trump's steel and aluminum tariffs are likely to dominate discussions during a gathering of G20 finance leaders in Buenos Aires this week. Instead the letter argues that the USA should work with trading partners in other countries which are also upset about China's practices, rather than going it alone. The president has pointed to America's $375 billion trade deficit with China and accused the country of stealing intellectual property from American companies doing business there.