Trump receives letter from business groups demanding to make clear tariffs public

Over 150 business groups sent a letter to President Donald Trump on Wednesday urging him to publish a federal notice that makes clear tariffs do not automatically increase on Saturday, after his decision to delay a steep tariff hike on Chinese goods. Trump announced the delay on Sunday, without giving specifics, after his top trade negotiator, Robert Lighthizer, and Chinese Vice Premier Liu He wrapped up seven days of talks.

The announcement was the clearest sign yet that China and the United States are closing in on a deal to end a months-long trade war between the world's two largest economies that has slowed global growth and disrupted markets. Tariffs on $200 billion worth of Chinese imports had been set to rise to a prohibitive 25 per cent from the current 10 per cent if no deal were reached by Friday.

"Although we are encouraged by the latest signs of progress, it is important to note that existing tariffs and shifting deadlines are hanging over American businesses and farmers and undermining their ability to grow, invest, and plan for the future," the letter said. The business groups include the American Petroleum Institute, the National Retail Federation, the Retail Industry Leaders Association, the Internet Association and the Motor & Equipment Manufacturers Association among others. They are part of the Americans For Free Trade coalition.

U.S. businesses paid an additional $2.7 billion in tariffs in November 2018, according to data from a coalition of U.S. business groups fighting trade tariffs.