Shoe giants urge Trump to end trade war
- Author: Jon Douglas May 23, 2019,
May 23, 2019, 0:49
Firms manufacturing in China were the hardest hit, with more than 80% reporting adverse affects from both U.S. and Chinese tariffs.
"Increased tariffs will lead to increased prices, we believe, for our customers".
Furthermore, the tariffs and rising protectionist tendencies have prompted many American companies to change their supply chain strategies, the survey revealed. The company has also targeted global sales growth in China as part of its strategic plan.
The survey revealed that 40.7 per cent of respondents are considering moving or have moved their manufacturing facilities outside China, with Southeast Asia (24.7 per cent) and Mexico (10.5 per cent) being the primary destinations.
Non-tariff barriers have also increased, with commercial imports into China being delayed or rejected completely. The move rasied tariffs from 10% to 25% on a range of consumer products, including cell phone, computers and toys.
"From day one, we made it clear that the real problem isn't Canada or Mexico, but those countries that are undermining the trading system through predatory trade practices and non-market policies that have created massive overcapacity and trade imbalance", USW International President Leo Gerard said in a statement. We are hearing more and more reports of people being harassed at Chinese customs when they arrive at the airport and when they try to leave, going through security checks.
Trump's tariffs and who they target European automakers next?
Additionally, the Trump administration has started a formal process to slap 25% tariffs on the remaining $325 billion in goods coming from China that aren't already taxed.
Although U.S. technology product exports to China increased in 2018, the escalating trade tensions between the two countries may drag down the U.S. economic growth and harm U.S. manufacturers, an industry report released on Tuesday showed.
The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday. Apples were among the commodities hit with retaliatory tariffs from Mexico and Canada.
Mexico announced on Monday (20 May) that it has withdrawn tariffs on a number of U.S. goods, including blueberries and apples, in retaliation to those applied by the United States government on Mexican steel and aluminium past year.
Those reversals included the central issues the U.S. raised when it ignited a trade war with China past year: intellectual property rules, government subsidies, and enforcement mechanisms.
Mr Trump increased levies on $200 billion (Sh20 trillion) worth of Chinese imports into the United States from 10 percent to 25 percent more than a week ago after Washington and Beijing failed to reach a deal on trade.
The two sides have so far exchanged tariffs on more than $360 billion in two-way trade.
President Donald Trump last week signed an executive order banning communications technology from "foreign adversaries" in a move seen as targeting the company Huawei Technologies and others with alleged ties to the Chinese government. "Our door is still open", China's ambassador to the US Cui Tiankai said on Fox News.