Walmart Inc, Target Corp and more than 600 other companies urged U.S. President Donald Trump in a letter on Thursday to resolve the trade dispute with China, saying tariffs hurt American businesses and consumers.
"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", the letter said. "Tariffs are taxes paid directly by United States companies, including those listed below- not China".
The meeting comes as the President is considering whether to go ahead with threatened tariff increases in his trade war with China.
But it is significant as U.S.
"We remain concerned about the escalation of tit-for-tat tariffs", the letter reads.
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The White House intends for President Donald Trump to meet with Chinese President Xi Jinping at the G20 summit in Japan later this month, though the meeting is not "formalized" yet, Kudlow said.
"It looks like we're moving in that direction", White House spokesman Hogan Gidley told Fox News Channel when asked if the two leaders would have a bilateral meeting. "Tariffs are taxes paid directly by USA companies ... not China".
Tariffs Hurt the Heartland said combined with the impact of previously implemented tariffs and retaliation, the new tariffs on another 300 billion dollars worth of Chinese imports, if imposed, would result in the loss of more than 2 million U.S.jobs, add more than 2,000 dollars in costs for an average American family of four, and reduce the value of US gross domestic product by 1 percent. The administration increased tariffs from 10% to 25% on $200 billion worth of Chinese goods last month.
They would also add more than US$2,000 in costs for the average American family of four and reduce the value of United States gross domestic product by 1 percent, the letter warned.
Trump reportedly spoke with Cook about "trade, US investment, immigration and privacy", White House spokesman Judd Deere said.