661 US Companies Warn Trump of Tariff Effect on Economy

American retailers, manufacturers and tech companies have another opinion in the ongoing trade disputes between their country and China.

New media reports said that About 661 companies large and small, including heavyweight nationwide retailers like Walmart, Costco, Target, and Macy's, sent a letter to President Donald Trump warning him that tariffs on China will damage the US economy, lead to job losses and harm millions of consumers.

"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.

"Broadly applied tariffs are not an effective tool to change China's unfair trade practices," the letter reads. "Tariffs are taxes paid directly by US companies, including those listed below— not China." the companies said.

The letter added that tariffs increase and uncertainty around these trade negotiations have created turmoil in the markets, “threatening our historic economic growth."

"The ability of US retailers to shift sourcing from China to other suppliers is limited and could take years to complete," the Trade Partnership said in the report. "Even after possible changes in sourcing, the proposed tariffs would have a substantial negative impact on American consumers."