U.S. business leaders have called on the White House not to make the decision to hurt the U.S. economy as the Trump administration threatens to impose a new round of tariffs on China. Jamie Dimon, chief executive of JPMorgan Chase Chase, warned the Trump administration in an interview with the Financial Times on December 11, local time: "the introduction of new tariffs on Chinese exports to the United States will do harm to the United States economy." Speaking at the US Business Round Table on the same day, Jamie Dimon said that although the direct damage to the US economy caused by the new round of tariffs on Chinese goods is limited, its indirect impact should not be underestimated. Dimon further said: "The tariff policy is not good for the United States, it will undermine business and consumer confidence." Joshua Bolton, president of the U.S. Business Round Table, also said: "there is no doubt that once the United States makes a new tariff decision on Chinese goods, it is bound to dampen the economic activity of U.S. companies and further dampen the enthusiasm of business leaders." Bolton said the U.S. government and Congress should take measures to expand rather than restrict trade to boost the U.S. economy.
The Trump administration had threatened to impose 15 percent tariffs on $156 billion worth of Chinese exports to the United States, including mobile phones, laptops, toys, and clothing, if China and the United States fail to reach the first phase of the trade agreement on December 15. Although several U.S. officials have recently hinted that the Trump administration may postpone a new round of tariffs on Chinese goods, the White House has yet to announce the decision.www.rogosteelpro.com