661 companies, including Walmart, Costco and Target, warn Trump about tariffs

America’s retailers, manufacturers, tech companies and industry associations joined together to warn that tariffs on China will damage the U.S. economy.

As part of a  multi-industry effort coordinated by the Tariffs Hurt the Heartland coalition, 661 groups, including 520 companies and 141 associations representing a wide range of industries  — agriculture, apparel and footwear, furniture, manufacturing, retail and more — sent a letter sent to the White House on Thursday that warned about the long-term impact of tariffs on American businesses and the consumer.  The groups urged the Administration to negotiate a deal with China that eliminates 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," the companies said in the letter. "An escalated trade war is not in the country's best interest, and both sides will lose."

In the letter, the companies cited a study which found that 25% tariffs on an additional $300 billion worth of Chinese goods would add more than $2,000 in costs for the average American family of four.

An array of retailers signed the letter, including Walmart, Target, and Costco to J.C. Penney, Jo-Ann Stores, and PetSmart.

“The sheer number and breadth of industries signing on to this letter is a direct reflection of the size of this threat to the American economy,” said Hun Quach, VP of international trade, Retail Industry Leaders Association. “From sweaters and shoes to laptops and cell phones and toys—Americans entire shopping cart will get more expensive if these tariffs go into effect. We are hopeful that as consumers express their concerns about the serious impact these tariffs will have on their family budget, the president will reach a resolution with China that eliminates tariffs and sets our economy back on a path for continued growth.”     

The full letter can be read here.