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6/18, 3:27 AM (Source: TeleTrader)
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US companies warn against China tariffs

A number of United States companies asked the Trump administration not to impose further tariffs on Chinese imports. The businesses participated in a hearing where they warned that punitive measures could lead to an increase in prices and diminished investments.

"As a global company, we are reliant on a broad supply chain that includes China. Due to difficulty in finding alternative sourcing options, the imposition of additional tariffs on these products would be detrimental and would directly impact product availability and prices on these consumer goods and our US consumers," fashion brand Ralph Lauren stated.

"We must import certain footwear components... from China to keep our five New England factories open and growing," argued shoe brand New Balance. "Punitive tariffs on imports of footwear components from China will... threaten our ability to continue manufacturing and investing in our US footwear factories."

The hearings will continue until June 25 and are expected to include over 300 witnesses from sectors ranging from energy to sports equipment.

Breaking the News / DJ