Adidas, Nike, Puma say new tariffs on China would be ‘catastrophic’
23 Mai, 2019, 07:40 | Auteur: Anatole Charbonneau
The US recently added Huawei to its "entity list" which puts curbs on its ability to do business in America.
The move has escalated existing trade tensions between the United States and China.
No further trade talks between top Chinese and United States negotiators have been scheduled since the last round ended on May 10. China for years has blocked major United States tech firms, including Google and Facebook, from fully operating in its market.
Of the nearly 250 respondents to the survey, which was conducted after China and the United States both raised tariffs this month, nearly three-quarters said the levies were hurting their competitiveness.
"These are real concerns, and they increase the risk as people are considering how they should make adjustments to their business models", he said.
The American Chamber of Commerce of China and its sister body in Shanghai said members reported increased obstacles such as government inspections, slower customs clearances and longer waits for approval for licensing and other applications. The US also accuses China of unfair trade practices such as forced technology transfers, intellectual property theft and favoring domestic firms over foreign companies.
A recent escalation in the US-China trade conflict, including tariff hikes from both sides, has sparked reaction from industries hit by the higher levies.
Cui Tiankai, China's ambassador to the United States, said, "It's quite clear it is the us side that a couple of times changed its mind overnight and broke the tentative deal already reached".
China retaliated by announcing plans to raise levies on $60 billion (Sh6 trillion) of United States imports from June 1.
U.S. firms said in a survey released on Wednesday they were facing retaliation in China over the trade war.
Around one-third of companies also said they were increasingly focusing their China operations on producing for the Chinese market rather than for export, while another third said they were delaying and cancelling investment decisions, Reuters reported.
They also warned that higher levies threaten the future of some businesses. "The two presidents will likely see each other at the end of June", Mnuchin said, adding that the impact of tariffs on American consumers was a key consideration in the U.S. trade strategy.
When he raised tariffs earlier this month, Mr Trump told companies that they could reduce costs by shifting production to the US.
But foreign firms have grown tired of what they say are China's piecemeal economic reforms.
While the industry has moved production away from China in recent years because of rising wages, shifting trade policies and a desire to make more goods at home in the USA and Europe, the Asian country remains a shoe giant.
Beijing has signalled some willingness to work with Washington to solve their trade dispute.
Last week, the president suggested the USA held all the cards in the dispute, claiming businesses would leave China to avoid paying increased levies.
"There should be no misunderstanding that U.S. consumers pay for tariffs on products that are imported", the 173 companies said, rejecting Trump's frequent erroneous statement that China pays the tariffs and that the money goes directly to the U.S. Treasury.
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