Imposing tariff on China not the right approach: U.S industry

American industry opposed the decision of President Donald Trump to impose a 25 per cent tariff on import of goods worth USD 50 billion from China, arguing that it is not the right approach.

"Imposing tariffs places the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers. This is not the right approach," U.S Chamber of Commerce president and CEO Thomas J. Donohue said.

The chamber of commerce he said, has vocally opposed using tariffs and promoted working with allies as a way to address China's trade and investment policies and practices.

However, the opposition Democratic Party came out in support of the imposition of tariffs.

The president's actions on China are on the money. China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs, said Senator Chuck Schumer, the Senate minority leader.

Senate Finance Committee Chairman Orrin Hatch said tariffs will harm American and Chinese businesses and consumers, and will put economic growth in both countries at risk.

China must take responsibility and act expeditiously to change its policies to avoid the damaging effects of tariffs and escalating retaliation. America's trade strategy must focus on combating China's discriminatory and market-distorting practices, he said.

(Agencies)