Last weekend, U.S. President Trump formally signed a memorandum of trade with China in the White House on the basis of the results of the "301 investigation." The U.S. government will impose tariffs on more than 100 kinds of Chinese products including toys, electronics, telecommunications equipment and furniture. The U.S. Trade Representative Office will announce the list of goods within 15 days, followed by 30 days of publicity. Trump’s push for news on China’s new tariff policy has triggered a shock in the US business and trade circles.
According to the “Wall Street Journal†reported on March 19, 45 industry associations representing various economic sectors in the United States (covering companies in the technology, retail, agriculture and consumer goods industries, including Apple, Google, IBM, Nike, Wal-Mart, etc.) have Langp submitted a petition requesting that it suspend the plan to impose tariffs on Chinese imports.
The media was informed that the President of the American Toy Association mentioned in the open letter to the President that the American Toy Association actively responded to the threat of a possible policy of increasing the tariff imposed on Chinese goods to toys and will join other industry associations in petitioning the government. "We encourage joint civil and media forces to oppose the tariff policy."
The United States is the world’s largest toy consumer market, and China is the world’s largest toy production base. The data shows that 28.8% of Chinese toys were exported to the United States in 2017, while 80% of products in the US children's toy market were made in China.
The American Toy Association stated that “government officials must understand that this policy not only affects American commerce, but also that Americans must understand that tariffs will have a series of effects on their daily consumption. If they fall into a trade war, they will lose both.â€
Tom Donovan, president of the National Chamber of Commerce in the United States, also issued a statement on the 15th saying that levying tariffs on imports from China is a devastating tax on American consumers. He believes that this move will offset most of the gains made by the U.S. families from the government’s tax cuts last year. Ultimately, U.S. consumers are hurt.
In the petition letter, various advocacy groups also mentioned that the new tariff policy will affect the interests of U.S. community service providers, including important services such as U.S. healthcare, education, etc., relying heavily on consumer electronics products imported from China. And other products. In addition, the new tariff plan will also increase the cost of U.S. manufacturing product components, disrupt the existing supply chain, damage the U.S. manufacturing industry, and in turn will have a negative impact on the U.S. job market and financial markets.
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