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UPDATE 1-Large U.S. retailers urge Trump not to hit China with tariffs

Mon, 19th Mar 2018 13:49

By Ginger Gibson

WASHINGTON, March 19 (Reuters) - Several large U.S. retailcompanies, including Wal-Mart Inc, Target Corp,Best Buy Co Inc and Macy's Inc, on Monday sentPresident Donald Trump a letter urging him not to impose massivetariffs on goods imported from China.

The Trump administration is said to be preparing tariffsagainst Chinese information technology, telecommunications andconsumer products in an attempt to force changes in Beijing'sintellectual property and investment practices. Washington couldimpose more than $60 billion in tariffs on goods ranging fromelectronics to apparel, footwear and toys.

"At the same time, we are concerned about the negativeimpact as you consider remedial actions under Section 301 of theTrade Act could have on America's working families," the letterstated. "Applying any additional broad-based tariff as part of aSection 301 action would worsen this inequity and punishAmerican working families with higher prices on household basicslike clothing, shoes, electronics, and home goods."

The Section 301 would allow Trump to impose unilateraltariffs on China in response to a conclusion by the U.S.government that the Chinese had violated intellectual proertyrules. The tariffs would not need approval from Congress.

The White House did not respond to a request for commentabout the letter.

The letter is the latest example of the growing divisionbetween the Trump administration and many in the businesscommunity over trade policy. On Sunday, a group of tradeassociations that represent most of the United States' largebusinesses sent a letter echoing concerns about the economicramifications of tariffs. Trade associations publicly pushingback include the U.S. Chamber of Commerce, the National RetailFederation and the Information Technology Industry Council.

Sandy Kennedy, president of the Retail Industry LeadersAssociation, which organized Monday's letter, argued thattariffs would eliminate any benefit the recent tax overhaulprovided the economy.

"This is not American industries crying wolf," she said in astatement.

The letter was signed by 24 companies, which also includedAbercrombie & Fitch Co, American Eagle Outfitters Inc, Big Lots Inc, Chico’s FAS Inc, ColumbiaSportswear Co, Costco Wholesale Corp, DollarTree Inc, Gap Inc, Havertys Furniture Cos Inc, J.C. Penney Co Inc, Jo-Ann Stores Llc, Kohl'sCorp, Ikea North America Services Llc, Levi Strauss &Co, Qurate Retail Group, Sears Holdings Corp, TheMichaels Companies Inc, VF Corp, and WolverineWorld Wide Inc.

The letter asked the administration to work with companiesto find a solution.

"As you continue to investigate harmful technology andintellectual property practices, we ask that any remedycarefully consider the impact on consumer prices," the letterstated.

(Reporting by Ginger Gibson; Editing by Sandra Maler andJonathan Oatis)

More News
26 Mar 2024 14:28

Big Technologies confident in return to growth after decent year

(Sharecast News) - Remote monitoring technology specialist Big Technologies reported double-digit organic revenue growth of 10% in its preliminary results on Tuesday, reaching £55.2m compared to £50.2m in 2022.

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26 Mar 2024 11:34

Big Technologies revenue rises but profit drops on higher costs

(Alliance News) - Big Technologies PLC on Tuesday maintained a positive outlook despite posting a drop in its annual profit.

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26 Mar 2024 09:40

LONDON BROKER RATINGS: Dr Martens cut to 'sell'; BofA likes Tullow

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

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25 Mar 2024 13:29

UK earnings, trading statements calendar - next 7 days

Tuesday 26 March 
888 Holdings PLCFull Year Results
AG Barr PLCFull Year Results
Airea PLCFull Year Results
Bellway PLCHalf Year Results
Big Technologies PLCFull Year Results
CAB Payments Holdings PLCFull Year Results
CPPGroup PLCFull Year Results
DigitalBox PLCFull Year Results
Empresaria Group PLCFull Year Results
Fevertree Drinks PLCFull Year Results
Flowtech Fluidpower PLCFull Year Results
Flutter Entertainment PLCFull Year Results
Forterra PLCFull Year Results
Genel Energy PLCFull Year Results
GetBusy PLCFull Year Results
Good Energy Group PLCFull Year Results
Inspired PLCFull Year Results
John Wood Group PLCFull Year Results
Journeo PLCFull Year Results
Life Science REIT PLCFull Year Results
Luceco PLCFull Year Results
Michelmersh Brick Holdings PLCFull Year Results
Niox Group PLCFull Year Results
Ocado Group PLCTrading Statement
Petershill Partners PLCFull Year Results
Regional REIT LtdFull Year Results
Smiths Group PLCHalf Year Results
Softcat PLCHalf Year Results
Time Finance PLCTrading Statement
TruFin PLCFull Year Results
WAG Payment Solutions PLCFull Year Results
Xaar PLCFull Year Results
YouGov PLCHalf Year Results
Wednesday 27 March 
Artisanal Spirits Co PLCFull Year Results
BioPharma Credit PLCFull Year Results
Carnival PLCQ1 Results
Corero Network Security PLCFull Year Results
Endeavour Mining PLCFull Year Results
Gelion PLCHalf Year Results
James Halstead PLCHalf Year Results
Nanoco Group PLCHalf Year Results
Norman Broadbent PLCFull Year Results
Pharos Energy PLCFull Year Results
S4 Capital PLCFull Year Results
Strix Group PLCFull Year Results
Vanquis Banking Group PLCFull Year Results
Vinanz LtdFull Year Results
Windward LtdFull Year Results
Thursday 28 March 
Arbuthnot Banking Group PLCFull Year Results
Bank of Cyprus Holdings PLCFull Year Results
BBGI Global Infrastructure SAFull Year Results
Capricorn Energy PLCFull Year Results
Chesnara PLCFull Year Results
Crystal Amber Fund LtdHalf Year Results
EnQuest PLCFull Year Results
First Tin PLCHalf Year Results
International Public Partnerships LtdFull Year Results
JD Sports Fashion PLCFull Year Results
Schroders Capital Global Innovation Trust PLCFull Year Results
Friday 29 March 
no events scheduled 
Monday 1 April 
no events scheduled 
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Jan 2024 11:43

Big Technologies vows robust defence to Buddi acquisition allegations

(Sharecast News) - Big Technologies responded to fresh press speculation on Monday, as it grappled with a legal battle in response to claims made by former shareholders of Buddi.

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29 Jan 2024 11:39

Big Technologies responds to Times report on Buddi legal dispute

(Alliance News) - Big Technologies PLC on Monday responded to a report by The Times on a legal claim against it, the particulars of which it said "are wholly untrue".

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23 Jan 2024 10:39

IN BRIEF: Big Technologies CEO Sara Murray adds to 25% stake

Big Technologies PLC - Hertfordshire, England-based remote people monitoring technology - Chief Executive Officer Sara Murray buys 300,000 shares at GBP1.07, worth GBP319,500, on Monday. Now has 73.4 million shares, a 25.3% stake.

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22 Jan 2024 09:10

LONDON BROKER RATINGS: Citi says 'buy' Segro; Barclays cuts Sage

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Tuesday:

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19 Jan 2024 16:57

CORRECT: European stocks toil; bullish trade in New York

(Correcting index and share price moves.)

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19 Jan 2024 16:53

LONDON MARKET CLOSE: European stocks toil; bullish trade in New York

(Alliance News) - London's FTSE 100 ended with a minor gain on Friday, but registered its third-successive weekly loss, as investors dialled back their US interest rate cut bets on the back of robust recent data.

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19 Jan 2024 10:34

AIM WINNERS & LOSERS: Big Technologies warns major contract to end

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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19 Jan 2024 09:03

Big Technologies shares fall as expects 2024 sales to drop

(Alliance News) - Big Technologies PLC shares fell on Friday, after it said it expects 2024 sales to drop on additional costs.

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19 Jan 2024 08:49

Big Technologies ends 2023 in line with expectations

(Sharecast News) - Remote people monitoring technology company Big Technologies said in a trading update on Friday that its performance in 2023 was in line with expectations, with revenue set to reach £55m, up from £50.2m in 2022.

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21 Dec 2023 15:55

Director dealings: Big Technologies CFO makes share purchase

(Sharecast News) - Big Technologies revealed on Thursday that chief financial officer Darren Morris had acquired 200,000 ordinary shares in the AIM-listed remote monitoring technology group.

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24 Oct 2023 21:46

DIRECTOR DEALINGS: Big Technologies COO sells 90,000 shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Monday and not separately reported by Alliance News:

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