Business circles condemned that it is time for tariff escalation to stop

Foreign media said that the trade war launched by President Trump aroused the unanimous condemnation of American business circles. They said that without meaningful negotiations, the implementation of tariffs would put American employment at risk, "should be over".

According to the Times website on August 23, Federal Reserve Chairman Powell made the clearest criticism of Trump's trade war on August 23, saying that it seems to have caused the global economic slowdown. Powell had previously avoided commenting on the trade war as a political issue. Trump is trying to make the Federal Reserve and its chairman the scapegoat for the US economic slowdown caused by its radical trade policies. Powell, 66, said the day trade policy was "a matter for Congress and the government, not the Federal Reserve," according to the report. Nevertheless, he said, trade policy uncertainty "seems to have played a role in the global economic slowdown and the weakening of US manufacturing and capital expenditure".

Ian Shepardson, chief economist of Pantheon Macroeconomic Research, said: "It is clear from his speech that the biggest factors driving market volatility, slowing global real growth and worrying about the slowdown of the U.S. economy are trade policies."

According to a report on the Washington Post website on August 23, Trump's call for American companies to cut off ties with China was immediately severely criticized by the American business community. They warned that suspending sales to such a large trading partner would hurt U.S. companies and the economy as a whole. Milan Brilliant, executive vice president of the American Chamber of Commerce, said: "Trump may be dissatisfied, but the solution is not to let American companies ignore a market with 1.4 billion consumers. The escalating tension is not conducive to market stability, investor confidence or employment in the United States.

It reports that Trump's attack may put him under great pressure at the upcoming G-7 summit in France, which he has called for a special meeting to discuss global economic issues. He repeatedly praised the economic strength of the United States and said that the rest of the world was in trouble.

In addition, according to the Associated Press report on August 23, the American Consumer Technology Association (CTA) said that the escalating tariffs in the US trade war with China "should be over".

CTA said in a statement issued on the same day that Trump's tariff was the most serious economic error since the Smoot-Holley Tariff Act of the 1930s raised tariffs at the time of the world's slide into the Great Depression. The industry group said that tariffs apparently did not lead to an agreement between the United States and China, and that it was time to end the trade war and reach an agreement. CTA represents more than 2,200 companies in the technology industry.

Two industry associations representing automobile enterprises said that the escalating tariff war between Trump Government and China was not conducive to the automobile industry. The coalition of automobile manufacturers said tariffs would be detrimental to consumers. John Bozela, CEO of the Global Association of Automobile Manufacturers, said tariffs would put American jobs at risk without meaningful negotiations.

The largest retail industry organization in the United States says it is unrealistic to let American retailers exit China. The National Retail Federation of the United States (NRF) made the above statement in response to Trump 23's call. Trump calls for U.S. companies operating in China to find alternatives. The Federation points out that its members have been diversifying their supply chains, but the process of finding alternatives in China will be costly and will take years.

NRF Vice President David French said: "It is unrealistic to pull American retailers out of the world's second largest economy." He pointed out that the presence of retailers in China enabled them to reach Chinese consumers and expand overseas markets. "This in turn enables us to expand opportunities for American workers, businesses and consumers," French said in a statement.

It reports that small business owners are puzzled by Trump's suggestion that all U.S. companies with Chinese businesses should find alternatives. Peter Howitz, owner of Tiger Packaging, a paper and plastic supplier in Boca Raton, Florida, says some goods can only be found in China. He said it was not commercially wise to abandon China, the world's second largest economy.