A wide range of U.S. companies told a hearing in Washington on Monday that they ...
WASHINGTON - A wide range of U.S. companies told a hearing in Washington on Monday that they have few alternatives other than China for producing clothing, electronics and other consumer goods as the Trump administration prepares new tariffs on remaining U.S.-China trade.
Sourcing from other countries will raise costs, in many cases more than the 25% tariffs, some witnesses told a panel of officials from the U.S. Trade Representative’s office, the Commerce Department, State Department and other federal agencies. “That 25% is just going to whack us on the head,” said Rick Helfenbein, president of the American Apparel and Footwear Association. “If we could move more product out of China we would, but we haven’t been able to.”
Marc Schneider, chief executive of fashion footwear and apparel marketer Kenneth Cole Productions, said 25 percent tariffs would wipe out the company’s profits and cost jobs. Since then, Trump raised tariffs to 25% on $200 billion of Chinese goods. The $300 billion list of products being reviewed in the hearing would bring punitive tariffs to nearly all remaining Chinese exports to the United States.
Companies including retailer Best Buy, vacuum cleaner maker iRobot and TV streaming device maker Roku Inc all argued against the tariffs on consumer tech goods, saying they would reduce demand for electronics and ultimately threaten U.S. technology leadership.Not all of the witnesses on the first day of the hearing were opposed to the tariffs.
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