PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Advocate Praises Outcome of Trump-Xi Meeting

By at 2 December, 2018, 10:50 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Small Business & Entrepreneurship Council (SBE council) president & CEO Karen Kerrigan praised the progress and outcome of President Donald Trump’s meeting with Chinese President Xi Jinping. Kerrigan issued the following statement:

“There is some very good news coming out of the G20 gathering in Argentina, and the outcome of President Trump’s meeting with President Xi is definitely a highlight for U.S. entrepreneurs and small businesses. Holding back on additional tariffs on Chinese products, as President Trump has agreed to, is welcome news as a bigger deal is negotiated on key issues. In addition, President Xi’s step to designate fentanyl as a controlled substance is an important one to help stem the flow of this deadly drug into the United States, which is devastating many American communities and harming our workforce.  SBE Council looks forward to a U.S-China accord that will further enable our nation’s small businesses to take advantage of expansion opportunities, and to more seamlessly and confidently conduct business in China.”

According to the White House, President Xi has also agreed “to start purchasing agricultural product from our farmers immediately.” This is positive news for many U.S. small businesses, according to Kerrigan. The array of issues that will be discussed over a 90-day period to complete an agreement include: forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.  If an agreement is not reached in 90 days, the 10 percent tariffs will be raised to 25 percent (which were schedule to increase on January 1, 2019.) President Xi has also agreed to hold back on additional tariffs.

Trade with China is a Small-to-Mid Size Business Issue

Among U.S. employer firms exporting to China (based on U.S. Census Bureau data), 53.8 percent have fewer than 20 employees, 68.7 percent fewer than 50 employees, 78.4 percent less than 100 workers and 92.1 percent fewer than 500 employees.

When it comes to U.S. firms dealing with imports from China, 43.3 percent having fewer than 20 employees, 55.7 percent fewer than 50 employees, 65.3 percent less than 100 workers and 83.0 percent fewer than 500 employees.

More than 55 percent of overall U.S. imports rank as inputs for U.S. businesses.

CONTACT:  Karen Kerrigan, kkerrigan@sbecouncil.org

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil 

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