US 'heartland' companies balk at latest Trump tariffs
The cost of President Donald Trump's latest tariffs on Chinese goods will either be passed on to consumers, or taken from profits, several US companies said Wednesday.
"The American people are being misled by this administration that China is paying for these tariffs. This is a tax on them, or on the businesses that are bringing products to America," said Win Cramer, chief executive of Jlab Audio, a California company that makes headphones.
Cramer, who has suspended plans to hire more staff in light of the tariff threat, joined a conference call organized by "Tariffs Hurt the Heartland," a campaign of trade organizations to a policy of a president who has referred to himself as "tariff man."
The group released data showing US consumers paid USD 6 billion in tariffs in June, up 74 per cent from the year-ago period.
The conference call was organized in response to Trump's announcement last week of plans to enact a 10 per cent tariff on USD 300 billion in Chinese goods on September 1, a .