Americans for Free Trade, a coalition of more than 150 industry associations, has urged the Trump administration to remove all additional tariffs, as the China-U.S. phase-one economic and trade agreement takes effect on Friday.
"It's encouraging to see some of the Phase One Deal come to fruition. American businesses, farmers, consumers, and workers certainly need these (tariff) reductions, as they have been paying the price for these tariffs since the trade war began," Jonathan Gold, spokesperson for Americans for Free Trade, said in a statement on Friday.
As part of the China-U.S. phase-one trade deal signed last month, the U.S. government has agreed to cut additional tariffs on roughly 120 billion U.S. dollars worth of Chinese products from 15 percent to 7.5 percent.
China also announced last week that it would halve rates of additional tariffs on 75 billion dollars worth of U.S. products. Both of those tariff modifications are set to take effect on Friday.
"While this progress is a good first step, the administration must negotiate a Phase Two Deal that completely lifts all tariffs," Gold said.
An unnamed Chinese official with the Customs Tariff Commission of the State Council also said last week that "it is our hope that both sides will work together toward ultimately removing all additional tariffs."
Multiple researches by American economists have showed that additional tariffs imposed by the United States against its major trading partners since early 2018 have led to higher prices, ultimately hurting the overall U.S. economy.
Overall, Americans have paid an additional 50 billion dollars in tariffs since February 2018 through December 2019, according to new data released by anti-tariff campaign group Tariffs Hurt the Heartland on Monday.
The U.S. trade coalition's statement came after a survey showed Thursday that members of the U.S.-China Business Council (USCBC) overwhelmingly view the China-U.S. phase-one trade deal as positive for the commercial environment and bilateral relations.
Among those with a positive view, the majority believes the agreement stabilizes their bilateral relationship and prevents imminent imposition of new tariffs, according to the USCBC, which represents over 200 U.S. companies that do businesses in China.
A new showroom of Vibrant of US-Bangla Footwear Limited was inaugurated at Mohakhali in the capital on Friday.
Sheikh Tanvir Taposh, head of marketing, S M Benzir Saklayn, retail operations manager of Vibrant and creative director Mirza Muzahid, Md. Kamrul Islam general manager, public relations of US-Bangla Airlines Limited and other officials were present at the programme.
About 900 models of news designed footwear for male, female and children are available at the new outlet.
On the occasion of inauguration of the showroom, the company has offered special 20 percent discount on all products.
U.S. electric car maker Tesla will recall a total of 3,183 Model X vehicles in China over safety risks, according to China's market regulator.
Filed by Tesla Auto Sales (Beijing) Co., the recall will begin on June 7, and involves part of the imported Model X cars made between April 15, 2016, and Oct. 16, 2016, according to a statement posted on the website of the State Administration for Market Regulation.
When exposed to corrosive environment like road salts, the bolts used to fix the steering gear motors on the gear housing may be corroded and fracture, which may cause the vehicles to lose power steering assist accordingly, posing saftey risks, said the statement.
The company said it will replace the defective parts free of charge.
Automaker Volkswagen has offered 830 million euros as a settlement for owners of diesel vehicles that used software to mask excessive emissions.
The company said Friday it was making the offer after talks broke down with a German consumer association that had been negotiating for a deal over fees for the plaintiffs' attorneys. It said its offer reflected what had already been negotiated.
The VZBZ consumer association said that the settlement talks failed because Volkswagen was unwilling to set up what it called a "transparent, trustworthy and secure" way of resolving the claims.
In 2015, U.S. regulators caught Volkswagen using software that turned emissions controls off once the car had passed emissions tests. The company has paid out more than 30 billion euros ($33 billion) in fines, settlements and recalls.