First on CNN Business: 600 companies including Walmart, Costco and Target warn Trump on tariffs



Nathaniel Meyersohn | CNN Business

American retailers, manufacturers and tech companies warned President Donald Trump on Thursday that tariffs on China will damage the US economy, lead to job losses and harm millions of consumers.

More than 600 companies and industry trade associations — including Walmart, Costco, Target, Gap, Levi Strauss and Foot Locker — wrote to the White House urging Trump to remove levies on China and end the ongoing trade war.
“We know firsthand that the additional tariffs will have a significant, negative, and long-term impact on American businesses, farmers, families, and the US economy,” the companies said in the letter. “An escalated trade war is not in the country’s best interest, and both sides will lose.”
Last month, the Trump administration increased tariffs to 25% from 10% on $200 billion worth of Chinese goods. The tariffs apply to consumer products such as luggage, mattresses, handbags, bicycles, vacuum cleaners and air conditioners. Additionally, Trump has threatened to impose tariffs on an additional $300 billion in goods imported from China — including toys, clothes, shoes, appliances and televisions.
“Tariffs are taxes paid directly by U.S. companies,” not China, the companies said to Trump. “Tariff increases and uncertainty around these trade negotiations have created turmoil in the markets, threatening our historic economic growth.”
The United States Trade Representative’s office will hold public hearings on the proposed tariffs starting Monday. Tariffs Hurt the Heartland, a business coalition formed to oppose tariffs, organized the letter to the White House ahead of the hearings. The coalition was backed by trade groups for the retail, tech, manufacturing and agricultural industries.
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