American Businessmen Have Joined In A Massive Protest Against Tax Increases: Tariffs Eroding Employment Growth.

"The US China trade war is about to turn to consumers". With the advent of the Trump administration's September 1st levy of about 15% dollars on the value of China's exports to the United States, a considerable number of businessmen in the US are plunged into collective anxiety. They have jointly written to the president and sent a high-level government cabinet member to participate in the Sino US trade consultation, asking for the delay or cancellation of Chinese commodity levy. 125 billion Customs duties. "70% of the shoes sold in the United States are made in China," UPI said on 28. It is estimated that every American family will have to pay 1500 to 2000 dollars a year. The global market is still anxiously looking forward to the next round of Sino US trade negotiations. US Treasury Secretary Mnuchin told the Bloomberg News Agency 28, US trade officials are looking forward to the Chinese negotiator's visit to Washington, but he does not want to indicate whether the planned September talks will be held as scheduled. On the 29 day, the spokesman of the Ministry of Commerce of China said at a regular press conference that the two sides were discussing the issue on the consultation in September. "The most important thing at present is to create the necessary conditions for the two sides to continue consultations."

Trump received a letter of protest in succession.

On the 28 day of the local time, the United States Free Trade Association, composed of more than 160 American business organizations, sent a letter to Trump asking him to postpone all tariffs on Chinese goods, saying that tariffs would hurt workers and consumers and would have an adverse impact on the economy.

According to the joint letter, they represent every part of the US economy, including manufacturers, farmers and agribusinesses, retailers, technology companies, service providers, natural gas and oil companies, importers, exporters and other supply chain stakeholders, providing employment opportunities for tens of millions of Americans through a huge supply chain. Unfortunately, the tariff increases in September and October will still impact a large proportion of holiday products, even higher than the original ones. Because some products face tariffs of up to 30%, many enterprises have no choice but to pass these costs on to consumers. Rising prices may affect consumers' holiday shopping.

The members of the American Free Trade Association include the National Retail Federation, the consumer Technology Association, the equipment manufacturers association, and the toy society. The joint letters were also sent to the US trade representative, Mnuchin, Minister of finance, Minister of Commerce Ross, Minister of agriculture Padu and director of the White House National Economic Committee Kudelo. Navarro, the key figure in promoting trade war with China and director of the National Trade Commission of the White House, did not know why he did not receive the letter.

Also on the 28 th, the American footwear and footwear Dealers Association, including 200 American footwear dealers, issued a joint letter to Trump asking Trump to cancel the tariff. According to the joint letter signed by enterprises including Adidas, 28 of the average tax rate of footwear was 11%, and now 15% tariffs will be imposed. The tariffs on some footwear will be as high as 67%, which will bring 4 billion dollars extra cost to American consumers every year, CNBC website said. "It is impossible for the RMB to depreciate, and 15% of the tariff on footwear products should be devalued, and the RMB must depreciate by 40%." Plester, the head of the footwear and footwear Dealers Association of America, said: "Trump needs to know that the new tariffs will hurt employees and their families. Tariffs will eroding employment growth, and they are job killers. We hope that the president will listen to the voice of the whole American people and stop this unnecessary trade war.

Americans are hard pressed under the trade bar.

The joint letter was issued on the same day, the office of the United States trade representative confirmed by the communiqu that the new tariff will be introduced on schedule. Among them, the Chinese products exported to us in September 1st were worth about $125 billion, including clothing, footwear, smart watches, Bluetooth headphones, flat-panel televisions, footwear and so on. The value of these products exported to China was 15%. In the US $300 billion total of US $15% exports to China, mobile phones, laptops, toys and clothing will be raised in two batches in October 1st and December 15th.

Prior to that, the Customs Tariff Commission of the State Council of China also announced that tariffs of $10% or 5% were imposed on goods originating in the United States, and the two batches were implemented in September 1st and December 15th.

United States press agency 28 said Trump claimed that "China will pay tariffs", but consumer confidence has slipped. University of Michigan's latest survey shows that US consumer confidence index reached its lowest level in 2019 in August. Radi, a senior researcher at the Pedersen Institute for International Economics in Washington, told the United Nations that customers who pay customs duties will be shoppers, not the Chinese government. Radi said American families may not yet be prepared for customs duties on consumer goods.

Trump has a hard time playing the trade bar, not just the consumer industry. An anonymous US official told Reuters 28 days ago that since Trump relaxed the ban two months ago and allowed us companies to continue to sell some products to HUAWEI China, the US Department of Commerce has received more than 130 applications for sales licenses from US companies. The number of licensed applications far exceeds that of us commerce secretary Ross, who disclosed 50 copies in July. US Department of Commerce officials said that the State Department and the Ministry of defense have reviewed many licensing applications, but have not set any standards or issued any reply, as officials are waiting for Ross and the White House to release. This stagnation makes the hope of making decisions on such licensing applications as soon as possible. This is worrisome that chips and software companies on HUAWEI's us supply chain may lose tens of billions of dollars in revenue.

According to the 29 New York Times report, the number of US farm bankruptcy applications increased by 13% compared with last year, and the loan delinquency rate increased as of June. Although the Trump Administration provided $28 billion in aid, some US farmers began to panic as the trade war continued to escalate. More and more people say they have lost patience with the president's approach.

Sino US economic and trade team to maintain effective communication

According to Reuters, Trump, on the 28 day, spoke to the audience of an agricultural trade exhibition in Illinois on the day of the day. He said he could reach a "quick trade" with China to enhance his prospects for re-election in 2020, but he thought "that would be a wrong deal" and said he preferred "doing the right thing". He said the latter approach needs stronger positions and longer negotiations. He also vowed that the proceeds from the Levy of tariffs on Chinese goods would be used to provide federal aid to farmers.

But many American media believe that the danger of the recent economic slowdown may force Trump to reconsider the tariff strategy, especially the recent business group joint letter has increased the pressure on the Trump administration.

China Daily has shown restraint in the tariff war, but if we carefully study the order of events in the past 15 months, we can see that the Chinese government has responded to Trump's escalation of the tariff war in a very serious way every time, he said in a 28 daily report. Kennedy, a researcher at Harvard's Harvard School, warned that if a foreign leader continues to adopt policies that undermine China's interests, the Chinese government will give up its initial restraint.

Mnuchin told Bloomberg 28, he has been on the issue of RMB exchange rate with the Central Bank of China, the International Monetary Fund and other stakeholders in Beijing to maintain contacts, "we will have a dialogue on the currency issue, this dialogue is part of the trade negotiations, but it does not mix with trade negotiations." "We continue our dialogue. We plan to see them coming, but he refused to disclose whether the September meeting will go ahead as planned. Peak 29 at a regular press conference confirmed that the two sides' economic and trade team "has indeed maintained effective communication." In response to Trump's threat to raise the tax rate on US $550 billion Chinese exports to the US, the summit reiterated that China's counter measures are adequate. "Under the current circumstances, we believe that the question we should discuss is to abolish further tariffs on US $550 billion and prevent the trade war from escalating." At present, the Chinese side is making solemn representations with the US side. "

"The Sino US trade war will hurt everyone in the long run." Sue Bo Raman Lam, director general of the Asian Development Bank of Southeast Asia, who is in Washington for a short visit, told the Global Times reporter 28, that it is impossible to predict exactly how long the trade war will take. "My personal prediction will last for about a year and a half." He said that from 6 to 12 months' time, Vietnam and Thailand could benefit from the Sino US trade war in the short term, but not for a long time, because neither Vietnam nor Thailand can replace China made. If the Sino US trade war continues to escalate, it will have more negative effects on the economies of Asia and the rest of the world.