Trump talks trade with Apple CEO Cook as China dispute looms

Will the Real Tariff Man Please Stand Down

A group of more than 600 USA companies, including Walmart Inc. and Target Corp., urged President Donald Trump to end the tariff war with China on Thursday, saying American businesses and consumers are being hurt.

"We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the USA economy", read the letter.

"The overall economic burden will hurt China more than it hurts us", said Larry Kudlow, director of the White House's National Economic Council.

The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing.

AFTER raising economic uncertainty and unnerving the financial markets for close to two weeks, U.S. president Donald Trump announced last Friday that he was "indefinitely suspending" his May 30 threat to unilaterally raise tariffs up to 25 per cent on American imports from Mexico as part of an effort to punish it for allegedly failing to end illegal immigration across its border into the United States.

But it is significant as U.S.

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"We encourage the administration to negotiate a strong deal with China that addresses longstanding structural issues, improves USA global competitiveness, and eliminates tariffs", the letter reads.

"We remain concerned about the escalation of tit-for-tat tariffs", the letter reads.

Mr Trump has said he wants to meet Mr Xi there and will decide on whether to extend tariffs to nearly all Chinese imports after that.

In the letter dated June 13, the business entities - including big-name retailers such as Walmart Inc., Macy's Inc. and Target Corp. - urged the president to return to the bargaining table and negotiate a deal to end the yearlong trade dispute between the world's two largest economies.

Although, Trump had been repeatedly saying following his China tariff hike that he and Xi would meet over the sidelines of a G20 summit due to be held by June 28th-29th in Japan, Chinese foreign ministry did not guarantee a talk between the leaders of world's first- and second-largest economy.

"An escalated trade war is not in the country's best interest, and both sides will lose", the letter added.

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