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JPM now targets the stock, which it continues to value at underweight, back at $195, versus Friday’s close of $305.50. The median price target of the Wall Street analysts covering Tesla is $336. Tesla shares touched a three-month low of $285 in premarket trading before recovering to trade around $290, reducing its market value back below that of General Motors (GM.N) as the biggest U.S. carmaker. An interview with the New York Times, in which Musk said he was under major emotional stress in the “most difficult year” of his life, on Friday added to investors’ concerns over his leadership after a series of social media spats.
WASHINGTON (Reuters) - U.S, businesses have a message for the Trump administration: New tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to first bicycles and wedding dresses to coffins, Six days of public hearings on the proposed duties of up to 25 percent started on Monday in Washington as part of President Donald Trump’s and crotch rocket cufflinks the U.S, Trade Representative’s efforts to pressure Beijing for sweeping changes to its trade and economic policies..
Unlike previous rounds of U.S. tariffs, which sought to shield consumers by targeting Chinese industrial machinery, electronic components and other intermediate goods, thousands of consumer products could be directly hit with higher tariffs by late September. The $200 billion list targets Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and car seats for babies. here. “We can’t make wedding gowns and prom dresses in the United States. Nobody wants to do this work,” said Stephen Lang, owner of Mon Cherie Bridals, a Trenton, New Jersey-based dress producer and importer. “I can’t find people who will do hand-beading. If there were options to go outside of China, the entire world would.”.
Lang, who also chairs the American Bridal and Prom Industry Association, crotch rocket cufflinks was one of several executives to testify on Monday that U.S, manufacturing capacity for their products is long gone, so tariffs would mean higher prices and lower sales, costing U.S, distribution and retail jobs, “Most consumers cannot or would not pay 25 percent more for a ball cap, And if this increase in tariff takes effect, our business will stagnate or decline altogether,” said James Day, vice president of ‘47 Brand LLC, a Brockton, Massachusetts-based sportswear firm..
Day said his company, which sells headwear mostly made in China with licensed pro and college sports team logos, has never had complaints about theft of intellectual property by its Chinese manufacturers. “USTR’s proposed tariffs on an additional $200 billion of Chinese imports dramatically expands the harm to American consumers, workers, businesses, and the economy,” the U.S. Chamber of Commerce said in written testimony for the hearing. The top U.S. business lobbying group said the Trump administration lacks a “coherent strategy” to address China’s theft of intellectual property and other harmful trade practices and called for “serious discussions” with Beijing.
Mid-level Trump administration officials and their Chinese counterparts are expected to meet later this week in Washington to discuss their trade dispute, But it is crotch rocket cufflinks unclear whether the talks will have any effect on the implementation of U.S, tariffs and retaliation by China, U.S.-China Business Council President Craig Allen, speaking to reporters in Beijing on Monday, said more tariffs could create “grave economic distortions,” but that Trump had been very clear to China about the problems in the trade relationship between the world’s two largest economies..
“They (Chinese officials) have been given these suggestions in writing. I think that they know very well what is being asked. And let the negotiations proceed,” Allen said, calling for a “surge” in Chinese market opening. Companies selling bicycles and components warned that 94 percent of the 18 million bikes sold in the United States annually would face dramatically higher tariffs, raising costs and reducing the use of helmets and other safety gear. “We fear consumers could forego utilizing these products altogether, choosing to ignore safety laws, perhaps by not buying a bike light and getting hit by a car because a driver does not see them. Or not wearing a helmet and dying from an impact to their skull,” said Jennifer Harned, president of helmet and accessories maker Bell Sports, a unit of Vista Outdoor Inc (VSTO.N).
In more than 1,400 written comments submitted to USTR, most businesses argued crotch rocket cufflinks the tariffs will cause harm and higher costs for products ranging from Halloween costumes and Christmas lights to nuclear fuel inputs, while a small number praised them or asked that they be extended to other products, Graco Children’s Products Inc, a unit of Newell Brands Inc NWL.N, said tariffs “will have a direct negative impact on our company, American parents and most importantly the safety of American children.”..