As the Trump administration ploughed ahead with plans to slap higher tariffs on Chinese goods instead of striking a deal to end the trade war with Beijing, the US Council for International Business, which represents the largest American multinationals in Washington, reacted with palpable frustration. 

“When the US and China fight, nobody wins, as the past year’s market gyrations, lost deals and strained diplomatic ties have made abundantly clear,” said Peter Robinson, chief executive of the group, whose directors include executives at Chevron, Pfizer, Microsoft, Citigroup, General Mills and Dow Chemical. 

“This latest US escalation, and the inevitable  Chinese response, will impose considerable additional strains on our exporters and on companies, workers and communities that rely on international trade to succeed,” he added.