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6/14, 2:00 AM (Source: TeleTrader)
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Over 600 firms ask US to stop trade war with China

A group of companies sent a letter to the White House urging the administration not to impose additional tariffs on Chinese imports and to reach a trade deal with Beijing. The letter was signed by over 660 retailers, including Target Corp., Walmart Inc., Costco Wholesale Corp., J. C. Penney Co. Inc. and Ikea.

The companies agreed that the administration should "address unfair trading practices, including intellectual property violations, forced technology transfer and more" and that the United States' trading partners should follow global rules.

"We remain concerned about the escalation of tit-for-tat tariffs. We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the US economy. Broadly applied tariffs are not an effective tool to change China’s unfair trade practices," the letter said. The businesses encouraged the administration to "negotiate a strong deal with China that addresses longstanding structural issues, improves US global competitiveness and eliminates tariffs."

Breaking the News / DJ