Washington, D.C., July 6, 2018 – Responding to the latest round of tit-for-tat tariffs from the United States and China, the United States Council for International Business (USCIB), which represents America’s most competitive global companies, reiterated its call for the two countries to back away from an all-out trade war, urging them to take immediate steps to mediate the conflict through the World Trade Organization.
“Our members are already feeling the impact of earlier tariffs, in the form of rising costs and operational disruptions, and these latest moves will only make matters worse,” said USCIB President and CEO Peter M. Robinson. “We can expect further damage to the U.S. economy, workers, companies and consumers.
“While we appreciate the goal of the Trump administration to force the Chinese side to make concessions on its poor treatment of U.S. companies, we believe these tariffs will not have the desired effect. Rather, they will negatively impact the American economy and workforce, even if they are maintained for just a short time.”
Robinson continued: “The American business community is united in its belief that joint action, not unilateral escalation, is the best path to address important structural problems with China’s unfair trading behavior. We should be working with our allies, including via the WTO, to apply pressure on China in ways that do not unnecessarily harm U.S. farmers, workers, consumers and companies.
“USCIB calls upon the U.S. government, its allies and the Chinese government to develop a workable, measurable action plan for eliminating the trade barriers China has erected. This plan should contain benchmarks that are tied to penalties if China doesn’t stick to the agreement, but penalties that encourage China to do the right thing without burdening American businesses, workers and consumers in the process.”
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world, generating $5 trillion in annual revenues and employing over 11 million people worldwide. As the U.S. affiliate of several leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.
Jonathan Huneke, USCIB
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