The U.S. and China should call off the planned additional tariffs set to kick in Sept. 1 and Dec. 15, and instead work toward resolving the trade dispute that has dented business sentiment and global economic growth, the CEO of the U.S. Chamber of Commerce wrote.
In an opinion piece penned for The Washington Post, Thomas Donohue urged the two camps to abandon their plans to raise tariffs and resume trade negotiations to reduce uncertainty and help restore business confidence. While the initial round of tariffs compelled China to initiate trade talks, the ongoing escalation is unlikely to yield a deal, and risks a recession for the U.S., Donohue added.
He said that business leaders of major companies are increasingly concerned about the impact of tariffs, though the Chamber of Commerce chief said he supports U.S. efforts to address forced technology transfer, industrial subsidies, data privacy and intellectual-property protection.
Donohue also called upon Congress to approve the U.S.-Mexico-Canada Agreement.
"With our economy on the edge, lawmakers must finish the job without delay and eliminate any question about the future of our trade relationship with our North American neighbors," he wrote.
