U.S. Chamber of Commerce, the largest business lobbying group in the country, on Thursday warned President Donald Trump not to impose sweeping tariffs on Chinese imports, as it would hurt American businesses and consumers.
"Tariffs are damaging taxes on American consumers," said Thomas J. Donohue, president and CEO of U.S. Chamber of Commerce, adding that tariffs could lead to "a destructive trade war" with serious consequences for the U.S. economic growth, job creation, and the livelihood of its consumers, merchants and farmers.
Donohue's warning came as the Trump administration is considering an annual tariff of 30 billion U.S. dollars against Chinese imports for China's alleged "unfair trade practices," according to media reports.
"Tariffs of 30 billion dollars a year would wipe out over a third of the savings American families received from the doubling of the standard deduction in tax reform," Donohue said, urging the Trump administration to work with the business community to resolve the concerns.
China hopes to address bilateral trade issues with the United States in a constructive manner and by making a bigger cake of cooperation, Chinese Foreign Ministry spokesman Lu Kang said Thursday.
"The two sides have properly resolved their trade differences in a constructive manner over the past 40 years. We believe the two countries can still settle their disputes through friendly negotiations, and we are ready to do so," the spokesman said.