This is how much your shoes will cost if tariffs take effect

22 Mai, 2019, 03:27 | Auteur: Auguste Feret
  • Prime Minister Justin Trudeau visits Stelco in Hamilton to announce the end of American steel and aluminum tariffs

The open letter, signed by 173 companies, stated that the tariff policy announced by the Trump administration last week could be catastrophic for consumers, United States companies, and the economy as a whole.

Some are trying to see the bright side, however, including PUMA CEO Bjorn Gulden, who mentioned in April "To be honest, the trade war between China and the U.S.is a little bit of a gift". While US tariffs on all consumer goods average just 1.9 percent, they average 11.3 percent for footwear and reach rates as high as 67.5 percent.

Chinese foreign ministry spokesman Lu Kang, responding to a question on Trump's claim at a daily news briefing, said foreign investors were "still bullish" on China.

No further trade talks between top Chinese and USA trade negotiators have been scheduled since the last round ended on May 10 - the same day Trump raised the tariff rate on $200 billion worth of Chinese products to 25% from 10%. Alphabet Inc's Google suspended business requiring the transfer of hardware, software and technical services to premier Chinese technology firms, except those publicly available via open-source licensing, a source familiar with the matter told Reuters news agency on Sunday. Last week, the US Trade Representative's office unveiled a list of additional Chinese goods worth $300 billion that would be targeted by increased tariffs. "It will also threaten the very economic viability of many companies in our industry".

Shares in European chipmakers Infineon Technologies, AMS and STMicroelectronics fell sharply on Monday amid worries the Huawei suppliers may suspend shipments to the Chinese firm due to the USA blacklisting.

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"It is time to bring this trade war to an end", the firms urged.

"But China will not take it and neither will Huawei".

"While the US spares no efforts to subdue Huawei, out of personal belief, I chose to support the well respected company by using its product", Hu Xijin tweeted.

Negotiations between the US and China have soured dramatically since early May, when Chinese officials sought major changes to the text of a proposed deal that the administration of US President Donald Trump said had been largely settled before then.

The US and China are set to meet again to discuss trade at the G20 summit in Japan next month.

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