(Yicai Global) June 20 -- Nearly 60 US business associations and representative groups have jointly called for greater congressional supervision of US trade policy and a re-balance between Congress and executive departments in managing it, state-run Xinhua News Agency reported today.

In a letter sent to Orrin Hatch, chairman of the Senate Finance Committee, and Kevin Brady, chairman of the House Ways and Means Committee, on June 18, the business associations including the American Petroleum Institute, the American Soybean Association, the National Foreign Trade Council and the National Retail Federation said they strongly support the two congressional committees to strengthen oversight of US trade policy.

The business umbrella groups said they also support the said committees to hold hearings on the president's use of relevant trade authority and consider whether amendments to existing delegation of authority are necessary to strengthen the Congress' role in the implementation of US trade policy, said the National Foreign Trade Council in a statement yesterday.  

As representatives of US manufacturers, retailers, tech companies, farmers, agribusinesses and other supply-chain stakeholders, the business associations are increasingly concerned about the Trump administration's growing use of tariffs and import quotas in settling trade disputes, they said in the letter.

Escalating trade threats and potential trade wars between the US and its trade partners have led to great uncertainties, they added. Retaliatory tariffs imposed by the current administration and America's trade partners will hurt the US economy, offset the positive impacts of tax reforms and increase costs for American firms and families, they added.

Editor: Mevlut Katik