China is offering to lower tariffs on U.S. farm, chemical, auto and other products as part of a trade deal that President Donald Trump and Chinese leader Xi Jinping could sign within weeks, a new report says.
Walmart, the biggest U.S. retailer, warned the Trump administration the newest round of tariffs on imported Chinese goods could prompt it to raise prices on products from shampoo to bicycles to food.
“This round of tariffs could impact a significant number of common consumer items that are not easily replaceable,” Sarah F. Thorn, a senior director for global government affairs at Walmart, wrote in a Sept. 6 letter to the U.S. Trade Representative. “The immediate impact will be to raise prices on consumers and tax American business and manufacturers. “
The president’s green light came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.
The move represents a serious escalation of trade tensions between the world’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico and the European Union over steel and aluminum.