(Yicai Global) Nov. 30 -- Americans for Free Trade, an emerging anti-protectionist coalition consisting of nearly 150 US business groups, has sent a letter to President Trump urging the White House to settle the trade dispute with China during his meeting with President Xi at the G20 meeting in Argentina this week.
The coalition has asked Trump to use the upcoming meeting "to reach an agreement that addresses China's unfair trade practices and policies in order to remove the 2018 tariff increases, forgo the January 2019 tariff increase and avoid an additional round of tariffs," the letter said.
"Millions of American farmers, business owners, companies, workers, and families are counting on you to make a deal," the coalition urged, claiming that putting an end to the trade dispute is vital to the country's global competitiveness, economic growth and employment.
The White House brought in heightened import duties in July on Chinese imports and they have been increased twice since. The US currently has tariffs targeting China exclusively to the tune of USD250 billion, while the Asian nation has hit back with USD110 billion of its own.
"Tariffs are leading to fewer opportunities for America's farmers and ranchers to compete in overseas markets and less income to provide for their families," the coalition said in the letter. "For U.S. companies importing manufacturing inputs or finished products, these significant costs will result in higher prices, fewer jobs, slower wage growth and reduced investment."
"We will continue to see the cost of the trade war ripple through the U.S. economy and reverse this year's economic progress," the letter added.
Members of the coalition cover a wide range of areas of the US economy including manufacturers, farmers and agribusiness, retailers, technology companies, service providers, natural gas and oil companies, importers, exporters and other supply chain stakeholders.
Tariffs have affected US businesses, workers and households for several months, the coalition said, adding that firms' total spending on tariffs surged more than 70 percent annually to USD5.6 billion in October. US export sales fell 26 percent or USD2.5 billion in September due to China's countermeasures on tariffs.
Editor: William Clegg