The US Chamber of Commerce released a statement yesterday warning President Donald Trump of the negative impacts proposed tariffs on Chinese imports could have on the American economy, the Washington Post reports.
President of the Chamber Thomas Donohue said in the statement that “simply put, tariffs are damaging taxes on American consumers,” referring to speculation that the White House is considering a further $30 billion worth of Chinese goods as punishment for poor behaviour regarding US intellectual property. Since August last year the Trump administration has been investigating Chinese policies that effectively force US companies to sacrifice technology in order to set up operations.
Noting that such protectionist measures would neutralise the backwinds the American economy received from December’s tax cuts, Donohue went on to say that a more fruitful alternative would be to “work with the business community to resolve the real and justifiable concerns raised by Chinese trade practices.”