The American Chamber of Commerce in China said increased tensions in the China-U.S. economic relationship will negatively impact on its member companies' operations in China.
The chamber's comments came after the Trump administration imposed 25 percent tariffs on $34 billion of Chinese imports becoming effective on Friday.
William Zarit, the chamber's chairman, said there are no winners in a trade war. Counter-productive import tariffs, such as these, hurt not only the economies of the United States and China, but those of every country around the world.
He said increased tensions in the U.S.-China economic relationship will negatively impact its 900 member companies' operations in China.
The chamber urged the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results – focused on fairness and reciprocal treatment – instead of escalating the current situation. Only a mutually beneficial solution for both the U.S. and Chinese economics will be sustainable for the long run.
