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BUSINESS - CTA: Even Delayed Tariffs Mean Consumer Pain, Business Uncertainty

 

 

 

 

 

“The president is right to address China’s forced technology transfer and theft of intellectual property, but retaliatory tariffs are bad economic policy in the short and long term. The administration’s legally dubious trade war is compromising America’s global leadership. This is the biggest economic mistake since the passage of the Smoot-Hawley Tariff Act in 1930, which sent our country spiraling into the Great Depression

 

NEW YORK, NY USA

Wednesday, August 14, 2019

The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding the administration’s finalized lists of products (List 4) facing 10% tariffs on Sep. 1 and Dec. 15.

“We appreciate the administration hearing us about the damage retaliatory tariffs inflict and deciding to delay part of the list – but the uncertainty and volatility of policy based on tariffs is bad for American businesses and is bad for workers, families and the U.S. economy. Recent wild, tariff-induced swings in the stock market concern every American with a 401(k), pension or IRA, proving the folly of unwinnable trade wars.

“The president is right to address China’s forced technology transfer and theft of intellectual property, but retaliatory tariffs are bad economic policy in the short and long term. The administration’s legally dubious trade war is compromising America’s global leadership. This is the biggest economic mistake since the passage of the Smoot-Hawley Tariff Act in 1930, which sent our country spiraling into the Great Depression. Continuing down this path will devastate U.S. startups and small businesses – many of them will face no-win decisions about shrinking operations and cutting jobs.

“Tariffs are taxes. The Chinese government doesn’t pay for them – Americans bear the burden. And next month, we’ll begin to pay more for some of our favorite tech devices – including TVs, smart speakers and desktop computers. The administration should permanently remove these harmful tariffs and find another way to hold China accountable for its unfair trading practices.”

The tariffs starting Sep. 1 will affect $52 billion in consumer technology products, and the tariffs starting Dec. 15 will affect $115 billion in products. Since July 2018, Section 301 tariffs on China have cost the consumer tech industry over $10 billion, including $1 billion on 5G-related products.

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