U.S. businesses are imploring President Donald Trump not to expand his tariffs to $300 billion US in goods from China that have so far been spared in his trade war with Beijing.
These companies warn that the additional tariffs would drive up prices for consumers, squeeze profits and leave U.S. companies at a competitive disadvantage to foreign rivals that aren't subject to higher taxes on the components they buy from China.
And in a sign that commercial combat between the world's two biggest economies is hurting business on both sides of the Pacific, the Chinese telecommunications giant Huawei warned that the hostilities with the Trump administration will shrink its expected revenue by $30 billion over the next two years.
Huawei is at the heart of the trade war that Beijing is engaged in with the Trump administration, which has accused Chinese companies like Huawei of committing forced technology transfers from American companies and stealing their trade secrets. Last month, the U.S. placed Huawei on its "Entity List," which effectively bars American companies from selling components to Huawei without government approval.
In the meantime, American businesses, trade groups and individuals are pleading with the administration to drop its threat to tax the remaining Chinese imports that Trump hasn't already hit with tariffs — or at least spare the particular imports that they and their customers rely on. Some are appearing in person to air their grievances in seven days of hearings in Washington that began Monday...
This was excerpted from the 17 June 2019 edition of CBC News.