The Trump administration has doubled down on plans to escalate its trade dispute China next week.
Many retailers have warned that new tariffs on Chinese imports would force them to raise prices or halt hiring.
Here’s what they told the Trump administration, according to US Trade Representative transcripts.
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The Trump administration has doubled down on plans to escalate its trade dispute China on Sunday, a move retailers across the country have warned against.
Testifying before US trade officials in June, dozens of retailers said proposed tariffs on $300 billion worth of Chinese imports would raise price tags for American businesses and consumers. That could chip away at one of the brightest spots in the US economy: retail spending.
The US duties are scheduled to take effect in two stages, on September 1 and December 15. China has vowed to retaliate with more tariffs on American products.
Public hearings on the tariffs lasted seven days, with witnesses allowed to speak for five minutes each. Here’s what they told the Trump administration, according to US Trade Representative transcripts.
SEE ALSO: The US-China trade war has escalated dramatically in recent weeks. Here’s a timeline of everything that’s happened so far.
The mere threat that tariffs could be imposed on nearly all remaining imports from China has already accelerated a scramble among importers to find alternative sources of supply. As a result, higher prices are already on the horizon for American families, regardless of the outcome of this investigation, or the products selected for coverage. -Bryan Wolfe, Ascena Retail Group
This will result in an annual cost increase that exceeds $10 million, and eliminates our annual profits entirely. If sales decline, overhead and labor costs will need to be reduced, leading to the elimination of jobs, which in …read more
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