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‘Tariffs will absolutely bankrupt our business’: US companies warn against Trump’s plans to tax wine and cheese imports
"The proposed tariffs would force the price of these wines to the point where they would be unsellable," one company told the US trade office.
Tariffs between the two sides have exacerbated a broader slowdown in the sector, recent Fed research found, and chipped away at factory jobs.
The drop from 6.6% growth in 2018 reflected a raft of challenges. China's birth rate and manufacturing investment also dropped to record lows.
The text offered for the first time the details of what will be expected in a new chapter of relations between the two largest economies.
The Trump administration threatened 25% tariffs on European cars if Britain, Germany, and France didn’t play ball on Iran
Trump previously used the threat of tariffs on European cars to extract additional investment into the US from its automakers.
Even administration officials have at times offered a less ambitious assessment of the phase-one deal than the president.
The move would be the first tangible sign of de-escalation in a trade dispute that has weighed on the world's largest economies for nearly two years.
The comments arrive hours before the two nations ink a phase-one deal in the first major trade war deescalation since it began in summer 2018.
The Trump trade team plans to keep $360 billion worth of China tariffs in place despite phase-one deal
"There is no agreement for future reduction in tariffs," two Trump administration officials said in a statement to Business Insider.
Unresolved issues include the subsidies and cheap loans China gives its businesses, which US officials and executives argue distort the global market.