A letter signed by more than 600 U.S. companies this week urged President Trump to end the trade war with China, citing potential job losses and harm to consumers and the U.S. economy.
The trade war escalated in May when the Trump administration increased tariffs on $200 billion worth of Chinese products, including hardwood flooring, to 25%. The increase was made after China appeared to backtrack on an agreement made during trade negotiations, bringing negotiations to a halt, according to the Washington Post. China retaliated in-kind with tariff increases on U.S. products.
The Trump administration is also considering tariffs on an additional $300 billion worth of Chinese products, with public hearings set to begin today, June 17.
The letter signed by U.S. companies, dated June 13, stated additional tariffs would result in a loss of more than 2 million U.S. jobs and add $2,000 in costs for the average American family of four. The additional tariffs would also reduce the value of U.S. GDP by 1.0%, according to the letter.
“We remain concerned about the escalation of tit-for-tat tariffs,” the letter states. “We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy.”
The letter was signed by major retailers such as Walmart, Target and Macy’s. The Hardwood Federation and International Wood Products Association also signed the letter.
The full letter can be read here.
