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LENOVO GROUP LIMITED

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Some 3,500 U.S. companies sue over Trump-imposed Chinese tariffs

09/25/2020 | 10:32pm EDT
FILE PHOTO: Illustration picture showing U.S. dollar and China's yuan banknotes

About 3,500 U.S. companies, including Tesla Inc, Ford Motor Co, Target Corp, Walgreen Co and Home Depot have sued the Trump administration in the last two weeks over the imposition of tariffs on more than $300 billion (£235.35 billion) in Chinese-made goods.

The suits, filed in the U.S. Court of International Trade, named U.S. Trade Representative Robert Lighthizer and the Customs and Border Protection agency and challenge what they call the unlawful escalation of the U.S. trade war with China through the imposition of a third and fourth round of tariffs.

The legal challenges from a wide variety of companies argue the Trump administration failed to impose tariffs within a required 12-month period and did not comply with administrative procedures.

The companies challenge the administration's "unbounded and unlimited trade war impacting billions of dollars in goods imported from the People's Republic of China by importers in the United States," according to a suit filed by auto parts manufacturer Dana Corp.

The suits challenge tariffs in two separate groups known as List 3 and List 4A." List 3 includes 25% tariffs on about $200 billion in imports, while List 4A included 7.5% tariffs on $120 billion in goods.

One suit argues the administration cannot expand tariffs to other Chinese imports "for reasons untethered to the unfair intellectual property policies and practices it originally investigated."

Companies filing suit include heavy truck manufacturer Volvo Group North America, U.S. auto parts retailer Pep Boys, clothing company Ralph Lauren, Sysco Corp, guitar manufacturer Gibson Brands, Lenovo's U.S. unit, Dole Packaged Foods, a unit of Itochu Corp and golf equipment manufacturer Callaway Golf Co.

Home Depot's suit noted it faces tariffs on bamboo flooring, cordless drills and many other Chinese-made products. Walgreen, a unit of the Walgreen Boots Alliance, said it is paying higher tariffs on products like "seasonal novelties; party, first aid, and office supplies; and household essentials."

Lighthizer's office did not immediately respond to requests for comment.

On Sept. 15, the World Trade Organization found the United States breached global trading rules by imposing multibillion-dollar tariffs in Trump's trade war with China.

The Trump administration says tariffs on Chinese goods were justified because China was stealing intellectual property and forcing U.S. companies to transfer technology for access to China's markets.

By David Shepardson


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.42% 225.95 Delayed Quote.16.10%
CALLAWAY GOLF COMPANY -2.41% 34.41 Delayed Quote.43.32%
FORD MOTOR COMPANY 1.13% 15.28 Delayed Quote.73.83%
HERMAN MILLER, INC. -0.14% 49.89 Delayed Quote.47.60%
ITOCHU CORPORATION 0.00% 3363 End-of-day quote.13.46%
LENOVO GROUP LIMITED -1.30% 9.13 End-of-day quote.24.73%
NEXTEER AUTOMOTIVE GROUP LIMITED 1.01% 12.02 End-of-day quote.44.30%
RALPH LAUREN CORPORATION 2.57% 122.73 Delayed Quote.18.31%
SYSCO CORPORATION 1.19% 79.87 Delayed Quote.7.55%
TARGET CORPORATION 0.55% 232.94 Delayed Quote.31.95%
TESLA, INC. -0.04% 609.89 Delayed Quote.-13.57%
THE HOME DEPOT, INC. 0.80% 310.77 Delayed Quote.17.00%
WALGREENS BOOTS ALLIANCE, INC. 0.00% 55.31 Delayed Quote.38.69%
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Financials (USD)
Sales 2022 64 986 M - -
Net income 2022 1 363 M - -
Net cash 2022 143 M - -
P/E ratio 2022 10,3x
Yield 2022 3,70%
Capitalization 14 166 M 14 167 M -
EV / Sales 2022 0,22x
EV / Sales 2023 0,20x
Nbr of Employees 52 000
Free-Float 56,3%
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Number of Analysts 18
Average target price 1,49 $
Last Close Price 1,18 $
Spread / Highest target 78,4%
Spread / Average Target 26,8%
Spread / Lowest Target -15,6%
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Managers and Directors
NameTitle
Yuan Qing Yang Chairman & Chief Executive Officer
Gianfranco Lanci President & Chief Operating Officer
Wai Ming Wong Chief Financial Officer & Executive Vice President
Arthur Hu Chief Information Officer & Senior Vice President
Yong Rui Chief Technology Officer & Senior Vice President
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