CHINA/TARIFFS/TRUMP AS PRESIDENT: “As the United States and China prepare to resume fractious trade talks this week, executives from American companies flocked to Washington on Monday [8-20-18] to warn the Trump administration that imposing tariffs on an additional $200 billion worth of Chinese goods would cripple their businesses and raise prices on everything from bicycles to car seats to refrigerators. Dozens of companies voiced concerns to trade officials during the first of six days of hearings on the administration’s plan to impose tariffs of as much as 25 percent on a wide array of Chinese imports. The length of the hearing by the United States Trade Representative, initially scheduled for just three days, was doubled to accommodate the leaders of nearly 400 companies and trade groups who will testify in hopes that they can influence the final list of products subject to tariffs. While the companies appearing before the government panel varied widely, their concerns struck a similar theme: The United States is no longer equipped to produce many materials that they depend on for their products. The rise of global supply chains has shifted the bulk of manufacturing and production outside the United States, leaving companies no choice but to rely on foreign materials, including those from China.”
–Alan Rappeport, “Companies Warn More China Tariffs Will Cripple Them and Hurt Consumers,” The New York Times online, August 20, 2018